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 | |  | | | | | | Home > About Provident > Press Releases > 2004 > September 22, 2004 Press Release - Lamont Street Lofts FOR IMMEDIATE RELEASE
September 22, 2004 FOR MORE INFORMATION
Vicki Cox, Corporate Communications
(410) 277-2063 Baltimore, September 22, 2004 — Washington D.C. elected officials joined Provident Bank, Fannie Mae and developer Neighborhood Development Company LLC, to break ground on new condominiums near the Petworth Metro Station in Northwest D.C. The Lamont Street Lofts will feature 38 units of affordable condominiums with underground parking. Provident Bank provided an acquisition and construction loan of $5.4 million for the $6.5 million project, and Fannie Mae made a $1.6 million equity investment through its American Communities Fund® (ACF®). The development is located in the Petworth neighborhood just above the campus of Howard University, a community the National Capital Revitalization Corporation (NCRC) has targeted for development. "As we expand our presence in the ever-growing Greater Washington market, our involvement in this project demonstrates a strong commitment to the revitalization of communities and neighborhoods throughout the Metropolitan area," said Provident Bank President Kevin Byrnes. "This affords a great opportunity for District residents to obtain affordable housing, and that’s what matters most." Lamont Street Lofts is a renovation of a former commercial storage facility at Lamont Street and Georgia Avenue, N.W. The currently vacant property will become a five-story residential development with affordable condominiums, below ground enclosed parking, and penthouse units on the top floor with private roof terraces. The one- and two-bedroom, one- or two-level units will be priced at levels far below those of comparable downtown housing, and will be marketed for prices starting at $197,000 with a median price of $297,000. Seventy-five percent of the units will be priced to be affordable for households with incomes at 70 percent or below the area median income of $84,500. "In Washington's red hot real estate market, we need more affordable housing like the Lamont Street Lofts," said U.S. Representative Eleanor Holmes Norton (D-DC). "The location near public transportation is great and the price is right. We are delighted that Provident and Fannie Mae are supporting the development of new affordable housing in this community." Neighborhood Development Company (NDC) has developed over 200,000 square feet of real estate and expects to begin construction on an additional 300,000 square feet over the next 18 months. "D.C. still has so many untapped opportunities for the development of affordable housing in neighborhoods throughout all four of its quadrants," said Adrian Washington, president of NDC. "We’re a small company that sees its future growth in demonstrating that the District can have decent housing with pricing as diverse as its population." Fannie Mae's participation in the Lamont Street Lofts is part of the company’s new goals of the American Dream Commitment®, which are designed to tackle the nation's toughest housing problems. Provident Bankshares Corporation is the holding company for Provident Bank, the second largest independent commercial bank headquartered in Maryland. With $6.4 billion in assets, Provident serves individuals and businesses in the dynamic Baltimore-Washington corridor through a network of 146 offices in Maryland, Virginia, and southern York County, PA. Provident Bank also offers related financial services through wholly owned subsidiaries. Securities brokerage, investment management and related insurance services are available through Provident Investment Center and leases through Court Square Leasing and Provident Lease Corp. Visit Provident on the web at www.provbank.com.
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