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Fairfield Secures $30M Freddie Mac Loan to Refi Chester Affordable Community
Capital One has provided more than $29 million in financing to Fairfield for the renovation of Grand Oaks Apartment Homes, a 216-unit affordable housing community in Chester, VA. The transaction included a new Low Income Housing Tax Credit allocation and preserves the long-term affordability of the property.
The transaction was originated by Evan Williams of Capital. The 16-year fixed-rate loan has two years of interest-only payments and will be amortized over a 40-year schedule. It also included an earn-out, which allowed the deferral of rent increases for Grand Oaks residents.
The project was supported with a $29.4 million bond allocation from the county’s Economic Development Authority.
Thirty-two of the 2005-constructed property’ units are reserved for seniors, and the financing reduced the maximum allowable rent on 10% of units to 50% AMI. It also extended the rent restrictions at 60% AMI for the remainder of the property.
- ◦Financing
