Expanding Affordable Housing in Greater D.C.: Acquisition and Financing Closed
August 2025 | Category: News
Friedlander Misler, PLLC is thrilled to share the successful closing of our client Horning’s acquisition of a multifamily property, Plaza Towers, located in Hyattsville, Maryland, together with financing from Freddie Mac, Amazon, and Prince George’s County, Maryland. In an effort to preserve affordable housing in the region, we successfully helped Horning negotiate an Affordable Housing Covenant that will encumber the property for the next 99 years.
“This was a transformative acquisition for Horning, the largest in our company’s 70-year history, and it required attorneys who could manage complexity and align with our values as a mission-driven developer. Friedlander Misler, PLLC brought deep real estate knowledge and experience, unwavering attention to detail, and a true understanding of the urgency and impact behind preserving affordability in our region. They were indispensable partners in getting this deal across the finish line,” Horning CEO and President Jamie Weinbaum said.
Amy Serafino and David Astrove navigated nuanced issues during the negotiation of the purchase and sale agreement and due diligence period, including those relating to the property’s condominium regime. Additionally, Jennifer Jette, David Astrove, and Li Ann Butterfield effectively coordinated three sets of loan documents to ensure that all loan documents adequately protect Horning during the lifetime of each loan as well as negotiated a Payment in Lieu of Taxes Agreement (PILOT) with Prince George’s County to enable Horning to successfully operate the project.
We were elated to be part of such an important project for our community and also to work with some of the most talented real estate professionals in the business to get this deal closed!