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Fairstead Secures $120M for Alexandria Redevelopment
Fairstead has secured $120 million for the ground-up redevelopment of Alexandria’s historic Samuel Madden Homes public housing complex.
In partnership with the Alexandria Redevelopment and Housing Authority and The Communities Group, the property will provide 207 affordable and mixed-income units along with housing and new public spaces to Old Town Alexandria.
“This project represents a major milestone for Fairstead as our first ground-up construction effort,” said Jeffrey Goldberg, CEO at Fairstead. The Samuel Madden site will be redeveloped into a new six-story, 295,000-square-foot community, replacing the existing 66 units. The building will feature approximately 7,500 square feet of open space and nearly 500 square feet of ground-floor community space.
Financial partners of the redevelopment project include Boston Financial, Freddie Mac, and permanent lender and construction lender, Virginia Housing. Sterling Bank and the City of Alexandria provided bridge financing and a soft loan for the project, respectively.
Photo credit: Torti Gallas
