ARLINGTON, VA. — Capital One has provided a $26.1 million construction loan and $31.1 million in Low Income Housing Tax Credits (LIHTC) for Gilliam Place, a 173-unit affordable housing community under development in Arlington, roughly five miles southwest of Washington, D.C. Arlington Partnership for Affordable Housing (APAH) is developing the 122,000-square-foot property, which will include 9,000 square feet of commercial space to be dedicated to local nonprofits.
Nine units will be reserved for people with special needs, 32 for those making up to 50 percent of the average mean income (AMI) and the rest for those making up to 60 percent of the AMI. Edmund Delany of Capital One originated the transactions on behalf of APAH for the construction of two projects that will be conducted concurrently on the same campus — Gilliam Place East and Gilliam Place West.
The $26.1 million, adjustable-rate loan will be used for the construction of Gilliam Place East, which will comprise 83 units. The company also purchased $21.8 million in LIHTC through Enterprise Community Investments (ECI) for the construction of the property. Capital One also purchased $9.3 million in LIHTC equity through ECI for the construction of Gilliam Place West, which will include 90 units.
In addition to financing from Capital One, the borrower received a permanent loan from the Virginia Housing Development Authority (VHDA); loans through the VHDA Sponsoring Partnerships and Revitalizing Communities (SPARC) and Resources Enabling Affordable Community Housing in Virginia (REACH Virginia) programs; a permanent loan from the Virginia Housing Trust Fund; and financing from Arlington Housing Investment Fund and APAH for the construction of both Gilliam Place East and Gilliam Place West.