Greystone, a leading financial services and real estate company, has recently announced the provision of $39 million in financing for an affordable housing development project in Tysons, Virginia. The funding was secured through Freddie Mac Tax-Exempt Loan (TEL) Unfunded Forward program and was originated by Pharrah Jackson of Greystone.
The project is part of The Exchange at Spring Hill Station development and will feature 265 units out of a total 516 units as affordable housing options. This marks the first fully affordable housing property in Tysons. Located at 1592 Spring Hill Road, the building will consist of two residential condominiums – Dominion North and Dominion South – along with a community center owned by Fairfax County Government.
Residents can look forward to various amenities such as community rooms, business center facilities, landscaped courtyard areas for relaxation purposes, resident support services to assist them with their needs; including access to laundry facilities within the premises. With one-bedroom up to three-bedroom unit options available under varying affordability restrictions; this development aims to cater towards different household sizes.
The financing package includes a construction period spanning over four years followed by an additional seventeen-year term loan period upon completion.
