NJCC Secures 118 Workforce Housing Units in Washington D.C.

The project involves two midrise buildings totaling 115,250 square feet, originally constructed between 1942 and 1955. By partnering with the local sponsor Capitol Rock Partners and securing senior financing from Hingham Institution for Savings, NJCC intends to stabilize the properties without displacing current tenants. The transaction relies on the support of Aya Enterprises to maintain long-term affordability in a submarket where demand for housing significantly outpaces new construction.

Bernel Hall, President and CEO of NJCC, noted that this capital structure allows for the protection of existing housing stock rather than waiting for units to vanish before intervening. For the co-founders of Capitol Rock Partners, Cameron Webb and Felipe Ernst, the deal represents a commitment to preserving the stability of the communities that shaped their own upbringings. The financing model serves as a complement to traditional senior debt, providing the flexibility needed to manage workforce housing in constrained urban environments.