P      I      N      D      Ʌ      R

 Role:  Sponsor/Development Manager(2) 

 Outcome:  Investment Realization above Plan, ahead of Schedule.



Type:  High Rise Rental


Cost:  $43,600,000(1) 

Status:  Completed 2012

Of Note:

  • The redevelopment of the building is a partnership with the Paul Laurence Dunbar Residents Association; as a result of their exercising their D.C. "TOPA" rights.  
  • Income received by the Resident's Association helps fund programs for their members.  
  • The partnership described above is reportedly the first of its kind in the country.
  • The building utilizes solar hot water & electricity in its common areas.
  • The community's motto, "Our Horizon is the Universe", is from Paul Laurence Dunbar's 1896 poem "Ode to Ethopia"; one of two works that brought him to national prominence.


  • 171 Senior rental apartments
  • Extensive First Floor Common Area with Library, Club Room, Community Room, Fitness Center, Reflection Room & Board Room.  
  • Adjacent parking facility w/long term use agreement

Investment Overview

  • Sponsor GP Investment
  • Institutional LIHTC LP Investment (National Bank)
  • HUD 221(d)(4) Credit Enhancement
  • D.C. Housing Finance Authority, as agent for U.S. Department of Treasury New Issue Bond program, Tax Exempt Private Activity Bond

Neighborhood:  U Street Corridor D.C.

  • Entry: Building was at risk of moving to market rate and displacing a tremendous number of senior residents.  Redevelopment gave residents control of their destiny.
  • Impact:  Sites immediately adjacent to both sides of building being redeveloped with new communities.  
  • Legacy:  Stage III >> Stage IV Neighborhood Transformation Point of Light
"$43MM Recapitalization Paves Way for Renovation of Senior Apartment Community in  D.C."                                                                                                                                                      National Real Estate Investor

 paul Laurence dunbar Apts.       aff. senior hsg.

   Washington, D.C. (U Street)

 3 Tree flats                             AFFORDABLE HOUSING

    Washington, D.C. (Petworth)

"Here's to the crazy ones.  The misfits.  The rebels.  The

  troublemakers.  The round pegs in the square holes.  The ones

  who  see things differently.  They're not fond of rules.  And they

  have no respect for the status quo.  You can quote them,

  disagree with them, glorify them or vilify them.  About the only

  thing you can't do is ignore them.  Because they change things.

  They push the human race forward.  And while some may see

  them as the crazy ones, we see genius.  Because the people

  who are crazy enough to think they can change the world, are

  the ones who do."

                  ©  Apple, Inc. (an homage to Maria Gomez, Founder of Mary's Center, D.C.)



All Information at time of completion/opening/repositioning or realization of Asset/Investment. (1)  All Cost/Value references are in year completed adjusted to 2014 by CPI index.  (2)  Projects/Investments referenced are PINDAR or involved PINDAR key personnel as Principal/Project Executive or Project Manager at a previous company.                     

 Role:  Co-Sponsor/Co-Development Manager(2) 

 Outcome:  Full Lease up ahead of plan (100% in 90 Days). On Plan operations.

Type:  Mid-Rise Rental

           Mixed Use

Cost:  $42,500,000(1) 

Status:  Completed 2011

Of Note:

  • Public Private Partnership with D.C. as catalyst for then neglected Petworth neighborhood.
  • Community name derives from a statue in the center by noted sculptor Robert Cole.  
  • LEED Gold Certified
  • LEED Neighborhood Development pilot program
  • Mary's Center neighborhood health center on ground floor. 


  • Washington Business Journal Annual Best Real Estate Awards: Community Impact Winner
  • Apartment Finance Today Readers Choice Awards:  Urban Finalist         
  • CREW DC:  Placemaking Award Finalist
  • Pace Award Winner: Best Green/Eco Friendly Community,  D.C.  



  • 130 Mixed Income Rental Apartments
  • 28,000 s.f. Neighborhood Health Care Center
  • Three level below grade parking facility

Investment Overview

  • Co-Sponsor GP Investments (3)
  • Institutional LIHTC LP Investments (2 - Large Regional Bank & Fortune 500  Company)
  • HUD 221(d)(4) Credit Enhancement
  • District of Columbia Housing Finance Authority issued Private Activity Bond
  • Multiple sources of Public Capital including, CDBG, PILOT, Housing Production Trust Fund & McKinney Act Bridge Loan.   

Neighborhood:  Petworth

  • Entry: Selected by District of Columbia as P3 Partner for abandoned commercial property - acquired through a tax foreclosure sale in neglected neighborhood.
  • Impact:  Significant new neighborhood investment occurring including new mixed use grocery/retail building on adjacent block.  
  • Legacy:  Stage II >> Stage III Neighborhood Transformation Catalyst

                                                                                                                                                         Multi-Housing News

The Bank Lofts

Denver, CO