Silver Street Development Corporation is excited to announce its expansion to the Mid-Atlantic, where a new branch office located in the heart of Washington, DC will be expanding upon Silver Street’s continual efforts to develop new affordable housing. The branch’s launch coincides with the hiring of four new employees to the Silver Street team, an increase in personnel across SSDC’s three offices which is indicative of both the growth in volume of business transacted over the past year and of the breadth of activity Silver Street plans to engage with in 2017.
Like many urban centers across the country, Washington, DC suffers from a dearth of affordable housing worsened by the 2008-2009 financial crisis, increasing gentrification, and a lack of stable and available funding. It is within this context that Silver Street has opened its DC branch, SSDC hoping to offer opportunities to individuals in need in the region through both new development and preservation.
“Silver Street is excited to bring its solid reputation and forward thinking to the Washington, DC area,” says company President Roger Gendron, “we’re taking on a challenge in a city where the need for affordable housing is critical.”
In addition to Silver Street’s newly initiated efforts in Washington, DC, a general upswing in both the scale and volume of business that SSDC has been engaged with since the start of 2016 has prompted a spate of hirings across all three branch offices, the largest personnel expansion for the company since Silver Street extended their operations to Wilmington, NC in 2003. To give a brief idea of the growth SSDC has experienced over the past 12 months which has precipitated these new hirings, one can look to their acquisition of both Pequot Highlands Apartments, a 250-unit community in Salem, MA, and Sebastian Villa, a 171-unit community in Neptune, NJ, which together will exceed $90M in development costs upon the completion of their planned rehabilitations. Additionally, through their direct investment platform, SSDC has successfully negotiated the acquisition of partnership interests in over 5,000 units across the country.
To keep pace with this ever-increasing workload, SSDC has hired four new employees: Seth Parker, brought on as Vice President of Development, Theodore Gendron, as Acquisitions Specialist for the Mid-Atlantic region, Laurie Melanson as a Special Projects Manager, and Tina DiPietrantonio as Vice President of Acquisitions for SSDC’s direct investment platform, additions that SSDC hopes will help the company continue as an industry leader for years to come.