Affordable Housing Developer Closes Financing For 126-Unit Alexandria Project
Wesley Housing announced Thursday it closed on the financing for The Arden, a $59M project that will create 126 units of affordable housing near the Huntington Metro station at 2317 Huntington Ave. It plans to break ground on the project this month and deliver it by June 2022.
The financing package consisted of 12 capital sources including $47.5M in loans and equity from Truist, the bank formed in December from the merger of SunTrust and BB&T. It also included $8.4M from the Fairfax County Redevelopment and Housing Authority. Additional funding came from the Virginia Department of Housing and Community Development and the Virginia Housing Development Authority, which used low-income housing tax credits.
The seven-story project will include affordable housing units ranging from 30% of area median income to 80% AMI. It will also feature 7,500 SF of ground-floor office space, where Wesley Housing plans to move its main office. The company is now located at 5515 Cherokee Ave. in Alexandria.
"The Arden provides critical affordable housing within walking distance of the Metro, and I'm looking forward to the positive changes it will bring to our community," Wesley Housing CEO Shelley Murphy said in a release.