**Fairstead Secures $120 Million for Alexandria Redevelopment Project**
Fairstead has announced it has secured $120 million in financing for the comprehensive redevelopment of the historic Samuel Madden Homes public housing complex in Alexandria, Virginia.
The project is a collaboration between Fairstead, the Alexandria Redevelopment and Housing Authority, and The Communities Group. The redevelopment will transform the site into a modern, six-story, 295,000-square-foot community featuring 207 affordable and mixed-income housing units. It will replace the current 66-unit public housing complex located in Old Town Alexandria.
“This project represents a major milestone for Fairstead as our first ground-up construction effort,” said Jeffrey Goldberg, CEO of Fairstead.
The new development will include approximately 7,500 square feet of open space and nearly 500 square feet of ground-floor community space. In addition to new housing, the project will also introduce new public spaces to the neighborhood, enhancing community engagement and accessibility.
Key financial partners supporting the redevelopment include Boston Financial, Freddie Mac, and Virginia Housing, which is serving as both the permanent and construction lender. Sterling Bank and the City of Alexandria are also contributing financial resources, providing bridge financing and a soft loan, respectively.
Photo Credit: Torti Gallas
