265 Units To Be Constructed utilizing 4% Low-Income Tax Credits with Additional Financing Partners Bank of America, Amazon, Virginia Department of Housing and Community Development, and Fairfax County Redevelopment and Housing Authority
NEW YORK, Feb. 21, 2024 (GLOBE NEWSWIRE) — Greystone, a leading national commercial real estate finance company, has provided $39,000,000 in Freddie Mac Tax-Exempt Loan (TEL) Unfunded Forward financing towards the construction of 265-units of a 516 unit affordable housing property in Tysons, Virginia. The financing was originated by Pharrah Jackson, Vice President at Greystone, on behalf of non-profit housing developer Arlington Partnership for Affordable Housing (APAH).
Located at 1592 Spring Hill Road within the Washington DC MSA, the multifamily project is a part of a larger development known as The Exchange at Spring Hill Station and will be the first 100% affordable housing property in Tysons. The completed building will be developed on two acres and will consist of two, 20-story residential condominiums (Dominion North, the Subject, and Dominion South) and a community center condominium owned and managed by Fairfax County Government. Planned residential project amenities also include community rooms, a business center, landscaped courtyard, resident support services, resident lounge, and laundry facilities.
The unit mix for Dominion North consists of 55 one-bedroom units, 146 two-bedroom units, and 64 three-bedroom units, with 100% of the units at varying affordability restrictions (40 units at 30% area median income (AMI), 77 units at 50% AMI, 87 units at 60% AMI and 61 units at 70% AMI). In addition, Fairfax County Redevelopment and Housing Authority (FCRHA) has approved and awarded APAH 40 project-based vouchers for Dominion North. The units are required to be leased to households at or below 50% AMI. APAH elected to lease those 40 units at 30% of AMI in the following mix: 9 one-bedrooms, 22 two-bedrooms, and 9 three-bedrooms.
The Freddie Mac Forward commitment financing includes a 48-month construction period with a 17-year permanent loan term. Bank of America, the equity investor for this transaction, will be providing capital contributions in excess of $60 million in tax-credit equity during the course of the construction timeline. Other debt sources for Dominion North include: Amazon Housing Equity Fund ($29,000,000); Virginia Housing Trust Fund ($700,000); Virginia Department of Housing and Community Development (VADHCD) Energy Efficiency (HIEE) ($2,000,000); and FCRHA Blueprint & Move to Work – HCV Reserve Loan Funds ($18,986,897).
“The Exchange at Spring Hill Station marks a significant step forward in our commitment to providing affordable housing options at-scale in an area of incredible opportunity,” said APAH President and CEO Carmen Romero. “Having partners like Greystone is fundamental to securing the critical financing needed to make a project of this magnitude possible. As a result, the residents who will call The Exchange home will have access to a vibrant and rapidly growing community full of opportunity and resources. More than just what you build, and where, but who you build for is what matters most.”
“It’s so gratifying to see a 100% affordable development plan come to fruition, and when you realize how many partners and contributors it takes to make it happen, you really appreciate both the need and impact of affordable housing in our country,” said Ms. Jackson. “We are thrilled to play a role as the permanent lender with Freddie Mac’s Forward TEL program, which has been truly transformative in the affordable housing construction space. We congratulate all of the parties involved and are looking forward to the ribbon cutting in 2027.”
About Greystone
Greystone is a private national commercial real estate finance company with an established reputation as a leader in multifamily and healthcare finance, having ranked as a top FHA, Fannie Mae, and Freddie Mac lender in these sectors. Loans are offered through Greystone Servicing Company LLC, Greystone Funding Company LLC and/or other Greystone affiliates. For more information, visit www.greystone.com.
PRESS CONTACT:
Karen Marotta
Greystone
212-896-9149
Karen.Marotta@greyco.com
