454 M St NW, Mt. Vernon

454 M St NW, Mt. Vernon

454 M St NW

Evergreen has provided first lien financing to acquire and renovate the property located at 454 M St NW. The building will be delivered and acquired vacant. The Borrower will then work to finalize the interior re-design and obtain necessary permits. A twelve-month renovation and six-month stabilization timeline is anticipated. Upon completion, the property will consist of 7 rental units which will be leased to voucher tenants, most likely through the HUD/VASH program that provides affordable housing to veterans. Once the property is stabilized, the Borrower will refinance into a permanent loan to retire the Evergreen note.