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.
Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group.
When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.
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