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Standard Communities Secures $47M FHA Loan for VA MF Property
Standard Communities has secured a $46.6 million loan for Park Shirlington, a multifamily property in Arlington, Virginia. The loan was arranged through the U.S. Housing and Urban Development’s Substantial Rehabilitation Affordable Low-Income Housing Tax Credit program.
The project involved transforming the market-rate property into affordable housing through collaboration with HUD, Virginia Housing, AEGON USA Realty Advisors, Arlington County’s Affordable Housing Investment Fund, and Walker & Dunlop. The conversion was achieved through a LIHTC regulatory agreement with 60% AMI rent restrictions for all units.
The tax credit program provided $34 million in renovation funds, allowing for the renovation of unit interiors, building systems, amenity spaces, and the construction of a new Community Center.
Walker & Dunlop’s Federal Housing Administration (FHA) team, led by Chris Rumul, arranged the loan. Park Shirlington was previously financed via Walker & Dunlop’s interim loan program as the conversion to a long-term affordability process unfolded.
- ◦Development
