KGD congratulates the Arlington Partnership for Affordable Housing (APAH) and their project financing partners, including Amazon’s Housing Equity Fund, for The Exchange at Spring Hill being named “Best Financing Deal” Winner in Washington Business Journal’s 2023 Best Real Estate Deal Awards!

Upon completion, this dynamic mixed-use multifamily development will feature 516 units affordable to households earning between 30% and 70% of the area median income within 876,000 SF as well as a community center operated by Fairfax County. Its complex financing of $315 million for residential in permanent funding ($354 million including community center) consists of Low Income Housing Tax Credit equity, purchased by Bank of America ($134 million), Amazon’s Housing Equity Fund ($56 million), the rest from Virginia Housing, Freddie Mac, Fairfax County, Virginia's Department of Housing and Community Development and other non-cash sources. Plus, there are combined construction loans from Bank of America and Virginia Housing ($116 million). Clark Construction is the general contractor.

In an email to WBJ Staff Reporter Dan Brendel, APAH President and CEO Carmen Romero said, “Amazon’s loan was impactful because it allowed us to build the project’s two towers simultaneously instead of in two phases, as originally planned. Of course, the resulting time and construction cost savings was beneficial to the project.” A link to the Washington Business Journal article for full details is provided below.

#KGD2024 #KGDmultifamily #KGDaffordablehousing #WBJBestRealEstateDeals