WASHINGTON, D.C. – Victory Housing (VHI) is pleased to announce a significant step forward in our commitment to the residents of St. Martin’s Apartments, currently known as The Summit. On January 28, 2026, VHI successfully closed the first phase of a refinancing plan as part of a broader, longer term vision for The Summit. This milestone represents a safe bridge of passage for the community despite a challenging D.C. housing market, and allows the community to continue providing quality affordable housing for our residents. Next steps will be completing rebranding and energy-efficiency improvements.
Building a Sustainable Future for Our Residents
The primary goal of this first phase was to “deleverage” the property, creating a more sustainable financial foundation. By securing approximately $11.2 million in new funding and resubordinating $19.9 million in existing commitments, the property is better positioned to serve its role as a permanent critical community asset providing 178 units of affordable housing.
A Heartfelt Thank You to DHCD & Our CDFI Partners
This achievement was made possible through the innovative work of the D.C. Department of Housing and Community Development (DHCD). Victory Housing is grateful for a $4,000,000 Grant provided by DHCD through the Housing Production Trust Fund Program (HPTF). This critical support acted as a catalyst, encouraging other lenders to participate and making the entire refinancing plan a reality. Their investment is a direct investment in the lives of all the residents who call The Summit home.
Another vital part of this success is a $7.2 million bridge loan provided by the Housing Partnership Fund, with support from the National Housing Trust CDF and Partners for the Common Good.
This new arrangement provides immediate benefits, including:
- Lowered Operating Costs: Monthly debt payments reduced from approximately $67,000 to $37,000, a 45% savings that allows for greater financial stability.
- Protecting the Property: The plan includes over $680,000 in dedicated reserves for property replacements, interest payments and operations to ensure the building remains in top condition for our residents.
- Flexible Terms: A three-year, interest-only maturity period provides the “breathing room” needed to complete the property’s full repositioning.
Looking Toward the Horizon
With the first phase complete, we continue to navigate the difficult DC regulatory market, looking toward eventual permanent financing. That final step will secure the future of the 178 apartment homes at The Summit. We remain dedicated to serving our neighbors at 30% and 60% of the Area Median Income (AMI), ensuring they have a place to thrive for many years to come.
About Victory Housing (VHI)
Victory Housing is the non-profit housing development arm of the Archdiocese of Washington. VHI provides quality housing and caring assisted living services to mixed-income seniors and families. This is our passion: creating a dignified and respectful environment to ensure a warm and welcoming culture that uplifts everyone who lives in our communities.