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LAC Acquires Alexandria Multifam Via $2B Amazon Housing Equity Fund
Lincoln Avenue Capital has acquired a 569-unit affordable housing property in Alexandria, VA with financing from the Amazon Housing Equity Fund and Fannie Mae, provided by Berkadia Commercial Mortgage. The property, Cityside Huntington Metro Apartments, will retain rent restrictions for 99 years.
The Amazon Housing Equity Fund is a $2 billion commitment to preserve and create more than 20,000 affordable housing units in and around Arlington, VA; in Nashville, TN and in WA state’s Puget Sound region, — three communities where Amazon has a large and growing presence.
The Amazon Housing Equity Fund increases housing options for moderate-to-low-income families by providing affordable housing providers with quick access to low-rate loans to create or preserve buildings where affordability would have otherwise been lost to commercial-rate development.
The fund also provides cash grants to businesses, nonprofits, and minority-led organizations to help them build a more inclusive solution to the affordable housing crisis, which disproportionately affects communities of color.
- ◦Sale/Acquisition
