December 2022 marked several key milestones for the APAH real estate team. In total, there were six real estate closings, although Loudoun View Senior and Terwilliger Place required two separate closings due to the financing structure of the projects.
First, the team officially closed on permanent financing for the Loudoun View Senior project, APAH’s first in Loudoun County. This means that the project has now retired the construction loans of approximately $5.5M after the construction completion last fall. In addition to that, APAH also closed on permanent financing for the Terwilliger Place apartments in Arlington. At Terwilliger Place, the permanent financing has retired construction loans worth $33M.
The team closed on a vacant 7-acre piece of land for a new housing project in Loudoun County just south of Dulles Airport along Route 50. This project, known for now as the AvonLea Apartments, will consist of 277 affordable homes in two phases. APAH will apply for tax credit financing for the first phase, 130 homes for independent seniors, this spring. If awarded tax credits, the first phase should start construction in 2024.
Finally, APAH completed a closing for the rehab of its Arna/Marbella project, which consists of renovating 163 units located within two APAH properties, Marbella Apartments and Arna Valley View. Both properties are located in Arlington County and the renovations are expected to be completed at the end of 2023.
Wow, our Real Estate Team was busy at the end of December! Stay turned for more real estate updates – it’s going to be an exciting year.