Dantes Partners’ overarching goal is to facilitate and enhance local economic development by designing innovative funding solutions for community-based real estate initiatives.Our success is driven both by our technical expertise and our ability to extract value in even the most complex transactions. As such, we are extremely attentive to budgets, timelines and milestones, and are well-versed in the current state of the capital markets. Moreover, our experience in working with all available capital sources to creatively finance a diversity of projects – which include affordable/ workforce housing, office buildings and charter school facilities – positions us as leaders in the future of the alternative financing landscape.
Tenant Representative for DC DGS
The Government of the District of Columbia through the Department of General Services contracted Savills Studley and Dantes Partners as the CBE subcontractor to provide tenant representational consultant services on behalf of its agencies. Tenant representative services include site location, lease administration, auditing services, market analysis, etc. The team has issued and reviewed requests for proposal and responses from a shortlist of landlords to lease spaces that meet the various needs of each agency respectively. Recommendations for leasing space have been based on thorough analysis of tenant improvement costs, operating expenses, and lease terms among other factors.
So far, leases for more than 2 million SF of office space representing nearly $1B in lease value have been executed for District agencies such as DCPL, DCH, and DBH. Dantes has worked collaboratively with Savills Studley to successfully meet DGS’s requirements and goals.
District Department of General Services
- 2 million square feet of leased commercial office
- Nearly $1B in total lease value
New Communities Initiative
District of Columbia
Dantes Partners’ managing principal was primarily responsible for leading the implementation of the New Communities Initiative to redevelop four (4) distressed public housing communities (Barry Farm, Park Morton, Northwest One and Lincoln Heights) in the District of Columbia. Major feats include the:
- Creation of development plans for each “new community”, taking into consideration existing tenant needs, market trends, environmental concerns and economic growth goals.
- Negotiation with private developers with a view to bolster the District’s tax base, limit risk/exposure and generate incentives and/or penalties to protect the District’s investments.
- Negotiation of various legislation with District Council to dispose of public land, issue tax-exempt bonds and provide budgetary support for New Communities programs.
- Managed and leveraged $200M in public funds to subsidize developments
- Proposed $700M mixed income community in Northwest One comprising of 365 units
Consultant for DC OSSE
Dantes Partners was handpicked by the Office of Public Charter School Financing and Support (OPCSFS), a sub-agency of OSSE to provide it technical assistance in deal structuring, underwriting and project management. To date, Dantes Partners has provided top-notch service to the agency and assisted it with the placement of at least 4 charter schools including the redevelopment of Old Congress Heights School, McGogney Elementary, Washington Yu Ying, and the Charter School Incubator Initiative. Dantes Partners has also been integral to helping the OPCSFS manage grants, loans and credit enhancements that have been distributed by providing systems for project management and data tracking. This allows OPCSFS to manage its cash, and ensure that they are providing as much support as possible to help high quality charter schools in the District reach their goals. By retaining Dantes Partners, OPCSFS is able to more efficiently manage its workflow with fewer full-time employees, saving the agency both time and money.
Redevelopment of Old Congress Heights School, McGogney Elementary, Washington Yu Ying, and the Charter School Incubator Initiative
1300 H Street NE
District of Columbia
As Financing Consultant, Dantes Partners assisted in securing the site via a disposition agreement with the District and secured and structured the financing needed to ensure the project successfully closed. Given the size of the project – the most efficient financing execution required the utilization of the highly competitive 9% tax credits – Dantes led the effort to apply for and secure the tax credits and also identified and closed on the tax credit equity and private commercial debt necessary for acquisition, construction and permanent financing of the project. Dantes led the team through the financing process and worked with all members of the project team, District agencies, and financing teams to secure all necessary funding.
This four-story, 33 unit, 100% affordable building will provide a mix of one-, two- and three-bedroom units with approximately 6,000 SF of retail space on the ground floor.
Insight Property Group
Grandview Estates, SE
1262 Talbert Street, SE
As Financing Consultant, Dantes Partners structured and secured the financing for the development. Dantes led the effort to apply for gap financing via the District of Columbia DHCD’s NOFA process, ultimately securing an award of $6M for this for sale project. Dantes also secured a construction loan from City First Bank. This transaction was particularly meaningful in that it produced much needed workforce homeownership opportunities within walking distance of the Anacostia Metro Station.
The development consists of 46 three-bedroom units for families earning up to 80% of the Area Median income.
Stanton View Development
7th and T Streets NW
This project is located above the Shaw-Howard University Metro Station.
The Four Points, LLC engaged Dantes Partners to finance the development of the Northeast corner of the Headquarters for the United Negro College Fund (UNCF). The project is a mixed-use, transit-oriented development with approximately 319,937 GSF of office space, storefront retail, apartments and below-grade parking structure. The project is located in Ward 6 and was included in the Planned Unit Development (PUD) application which was approved by the Zoning Commission in November 2008. The 204 residential apartments are mixed-income units, of which 51 are set aside for families earning 30%-120% AMI and the final component includes a below-grade garage which provides the required parking for the facility users, the general public and Howard Theatre. Dantes was instrumental in securing a $23,000,000 New Market Tax Credit (NMTC) Allocation to help close the financing for this $150,000,000 development.
Four Points, LLC
Broadcast Centers Partners, LLC
Jarvis Co, LLC
Ellis Development Group, LLC
- 300k+ square feet of commercial office and retail
- $150M Total Development Cost
- Completed 2012
Old Congress Heights
3100 MLK Jr. Blvd, SE
Working with the Office of Charter School Financing and Support, Dantes Partners was successful in closing the complex financing structure for the development of the Old Congress Heights School which was completed in the fall of 2010. Originally built in the late 1800s – with a 1927 renovation – the Ward 8 facility includes a weekend farmers market and community center for job training. Located in Southeast quadrant of Washington, DC at the intersection of Alabama Ave and MLK Jr Ave, the current structure was fully rehabilitated and leased by Imagine Charter Schools, a national leader in public charter schools. The $13,000,000 project was financed by a variety of public and private capital sources including Citibank’s Citi Community Capital (which provided the New Market Tax Credits), the Department of Housing and Community Development (DHCD) and the Office of the State Superintend of Education (OSSE). Dantes’ expertise was instrumental in fully underwriting this complex financing and receiving the approval of the OSSE credit committee.
- Approximately 42,000 SF
- $13M Total Development Cost
- Financed with NMTCs and a variety of other public and private capital sources
- Currently housing the Imagine Southeast Public Charter School
The Heights on Georgia Ave
3232 Georgia Ave,
NW Washington, DC
As Financial Advisor, Dantes Partners identified and structured financing options to successfully close on the complex financing for this air-rights structure in a very compressed timeframe. Dantes identified and closed on the funds necessary for pre-development, acquisition, construction and permanent financing of the project, while maintaining a structure that maximized the value and flexibility of the project to the owners. Funding included the following sources: Low Income Housing Tax Credits, Privately Placed Tax-Exempt Bond financing, Two Neighborhood Investment Fund Grants, Deputy Mayor for Planning and Economic Development (DMPED) Great Streets Initiative Grant Funds, Federal HOME Funds (via the DC Department of Housing Community Development), and Private commercial debt financing
This six story, 69 unit, 100% affordable building has provided a mix of one, two and three bedroom units while 10,500 SF of retail space will occupy the ground floor. Dantes led the team through the financing process and worked with all members of the project team, District agencies, and financing teams to secure all necessary funding. The Heights was closed in a short timeframe for this complexly structured deal which promises to be a great addition to the Georgia Avenue Corridor.
Dantes Partners & The Neighborhood Development Company/Mi Casa, Inc.
South Capital St SW
4001 South Capitol Street
SW Washington, DC
As Financing Consultant, Dantes Partners assisted in compiling the necessary data needed to ensure a DHCD NOFA award of $25M as well as rental operating subsidy for forty units for the project. Dantes also negotiated the terms of the agreement on behalf of the client in conjunction with other financing sources. Dantes Partners role was a critical one in that it guided its client through the maze and complexities related to securing gap financing and operating subsidy to ensure a smooth and timely closing process.
This five story, 195 unit, 100% affordable building will provide a mix of studio, one-, two- and three-bedroom units with approximately 5,000 SF of retail space occupying the ground floor.
The Michaels Organization & CityInterest
6925 Georgia Ave, NW
As Development and Financing Consultant, Dantes Partners assisted in negotiating the acquisition of the site from the District of Columbia. In addition, Dantes worked with DHCD to secure $1.3M in gap financing along with sourcing and securing a construction and permanent loan from United Bank. Completing the capital stack were three other financial partners including a prominent non-profit organization. All parties were aligned to provide housing under the Generation of Hope model whereby Seniors and young families transitioning out of foster care co-exist in one community.
This four-story development provides 27 units for both active seniors and families earning no more than 60% of the Area Median income.