GERMANTOWN, MD – Mission-based affordable housing developer NHPF announced its closing on the acquisition of Hadley Germantown (previously known as Elme Germantown), a 218-unit apartment community located in Germantown, Maryland. The transaction underscores NHPF’s continued commitment to preserving and enhancing affordable housing in high-opportunity markets through innovative financing strategies.
Originally built in 1990 and last renovated in 2011, Hadley Germantown provides naturally occurring affordable housing (NOAH). NHPF is placing covenants on the property that will restrict future rents to 60% of the Area Median Income for 50% of the units and 80% AMI for an additional 25% of the units.
“Hadley Germantown represents a strong opportunity to preserve affordability in a high-demand corridor while executing a thoughtful renovation strategy that improves quality of life for residents,” said Nish Desai, Acquisition Manager, NHPF. “This acquisition is also an brilliant example of how creative financing can be used by non-profits for the preservation of affordable and workforce housing — ensuring affordability can be satisfied on Day 1, without any resident displacement.”
The acquisition was financed entirely with tax-exempt 501(c)(3) bonds, with KeyBanc Capital Markets serving as bond underwriter, the Wisconsin Public Finance Authority as issuer, and U.S. Bank as trustee. Urban Atlantic and Rawson Square supported the acquisition and will serve as development consultants, overseeing initial property improvements. Winn Residential will serve as the new Property Manager.
The financing structure will leverage Montgomery County’s by-right Payment in Lieu of Taxes (PILOT) program, which provides a 100% abatement of county property taxes for qualifying nonprofit-owned communities. The project also utilizes the 501(c)(3) bond safe harbor provision to meet federal affordability requirements without the need for additional public subsidy, enabling a streamlined and efficient execution.
“This project was made possible by using NHPF’s AA- S&P rating to leverage debt at below 4.5%,” noted NHPF Senior Vice President of Acquisitions Neal Drobenare.
“Adding this exceptional property to our portfolio marks a meaningful milestone for the foundation— our first acquisition in Montgomery County. Maryland has long been an vital market for us, and Germantown holds a special place in the greater Washington, DC region,” said Joseph Weatherly, Chief Investment Officer, who grew up in Germantown adding, “We look forward to being a trusted part of this community and serving its residents for years to come”
NHPF will implement an extensive capital improvement program focusing on both interior and exterior upgrades including renovated units, upgraded community spaces, alongside select exterior improvements. Improvements will start immediately following closing, with Urban Atlantic and Rawson Square overseeing the initial phases in Years 1 and 2.
“Urban Atlantic and Rawson Square are excited to work with NHPF to preserve affordable and workforce housing in Montgomery County. The acquisition of Hadley Germantown leverages innovative public and private financing tools, including 501(c)3 bonds and Montgomery County’s by-right PILOT program, allowing mission-driven organizations like NHPF to step in and preserve affordability at scale,” said Brant Snyder, Chief Executive Officer of Urban Atlantic. “The property’s strong fundamentals and proximity to major employers along the I-270 Biotech Corridor such as NIH, FDA, AstraZeneca, and GSK further support its long-term stability and impact.”
Hadley Germantown adds to NHPF’s growing national portfolio of sustainable housing communities, reinforcing the organization’s belief that housing is more than four walls—it is the foundation for opportunity, stability, and resident success.

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RIVERDALE, NY – RiverSpring Living officially broke ground on River’s Edge, a transformative new senior living community that will become New York City’s first and only Life Plot Community. Located on RiverSpring Living’s expansive 32-acre campus along the Hudson River and just minutes from Manhattan, River’s Edge will offer a world-class, luxury living experience designed for adults age 62 and older.
River’s Edge is sponsored by RiverSpring Living, a nonprofit organization with more than a century of service to older adults. Its legacy includes the internationally recognized Hebrew Home at Riverdale, a leader in skilled nursing, rehabilitation, and memory care.
“This groundbreaking represents more than the start of construction—it is the realization of a bold vision for how older adults can live with independence and vibrancy,” said Jeffrey S. Maurer, Chairman of the RiverSpring Living Board of Trustees. “River’s Edge is the next chapter in our 100+ year legacy of meeting the evolving expectations of seniors while ensuring security for the future.”
River’s Edge will feature high-end apartment residences paired with resort-style amenities, making an unparalleled lifestyle that blends elegance, convenience, and vibrant community living. As a Life Plot Community, River’s Edge will provide residents with peace of mind and long-term financial security through a continuum of care that evolves with their needs.
“River’s Edge will redefine aging in New York City, offering a dynamic, engaging lifestyle in a setting that is both luxurious and deeply supportive as health needs change,” said David V. Pomeranz, President & CEO of RiverSpring Living.
Occupancy is expected in December 2028, marking a significant milestone in expanding innovative housing options for older adults in New York City.
Designed to foster connection, wellness, and lifelong enrichment, River’s Edge will include thoughtfully curated amenities, perfectly designed residences, and access to the full spectrum of care services that have defined RiverSpring Living’s reputation for excellence.
RiverSpring Living enlisted Chicago-based Integrated Development II (ID2) as its development consultant, Perkins Eastman as its architecture firm, and Consigli Construction as its construction manager and general contractor. Ziegler, a specialty investment bank, and HJ Sims, a market leader in senior living financing, recently announced the successful closing of River’s Edge, with the largest senior living tax-exempt bond transaction, providing $632,925,000 in financing for River’s Edge.

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RALEIGH, NC – Preiss, a leading national student housing and multifamily owner, developer, and operator, in partnership with boutique real estate investment and development firm FD Stonewater, announced its latest residential developments: Signature at Varsity in Raleigh, North Carolina, and Signature on Grand in Knoxville, Tennessee. Both properties are slated for delivery in Fall 2027, bringing a combined 1,207 beds of high-end, purpose-built student housing to two of the nation’s most prominent university markets.
Signature at Varsity | Raleigh, NC: Located at 1400 Crest Road, Signature at Varsity boasts an unmatched, flagship location directly across from NC State’s Greek Village. This 679-bed development is designed to be the premier residential hub for the university’s Greek Life and student leaders, offering a blend of high-energy social spaces and wellness-focused amenities just steps from campus. Residents will delight in a rooftop pool and poolside jumbotron, a two-tale fitness center, and expansive courtyard spaces. Additional highlights include a putting green, collaborative lounge spaces, and a first-in-the-market Lenovo Esports gaming lounge.
Signature on Grand | Knoxville, TN: Signature on Grand, located at 1727 Grand Avenue, offers an off-campus residential retreat nestled in the Fort Sanders neighborhood. The 528-bed development provides students with simple access to the University of Tennessee Knoxville (UTK), while offering welcome relief from the frequently congested Cumberland Avenue corridor. Its unmatched location will allow residents to delight in a neighborhood setting without sacrificing accessibility to campus. The property will feature a courtyard pool with poolside jumbotron, a two-tale fitness center, and outdoor TV lounge areas. To support an active and balanced student lifestyle, the community will also feature dedicated study spaces as well as a bike and e-scooter storage facility.
Elevated, Tech-Forward Living: Both Signature properties are thoughtfully designed for the modern student, offering a wide range of options including studio, 1-, 2-, 3-, 4-, and 5-bedroom floor plans. Every unit comes fully furnished with a premium furniture package and elevated finishes, such as hardwood-style flooring throughout, granite countertops, stainless steel appliances, and LED vanities. Select floor plans at both locations will also feature private patios or balconies, walk-in closets, and glass shower enclosures.
The living experience is bolstered by a tech-forward smart-home infrastructure designed for both convenience and sustainability. Residents will benefit from mobile-wallet integrated smart locks that allow for seamless, keyless entry to both individual units and bedrooms. This high-tech experience is further supported by smart thermostats and direct fiber-to-unit internet connectivity delivering ultra-quick speeds of up to 1 Gbps.
Beyond the individual units, the communities support eco-conscious living through advanced leak detection systems and on-site EV charging stations. Community areas will be further enhanced by innovative partnerships, including Living Plant Walls powered by Miravel and Intelligent Vending powered by Tulu, providing residents with on-demand access to household essentials and equipment rentals.
“As a company rooted in Raleigh, we are especially proud to deepen our presence near NC State while simultaneously expanding our footprint at UT Knoxville,” said Jeff Bartholomew, Executive Vice President of Development and Construction Services at Preiss. “Raleigh and Knoxville are two of the most dynamic university markets in the country, and we believe Signature at Varsity and Signature on Grand will meet the growing demand for premier, walkable, and tech-forward off campus housing options.”

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