Standard Communities has secured a $46.6 million loan for Park Shirlington, a multifamily property in Arlington, Virginia. The loan was arranged through the U.S. Housing and Urban Development’s (HUD) Substantial Rehabilitation Affordable Low-Income Housing Tax Credit program which provided $34 million in renovation funds to transform the market-rate property into affordable housing with 60% AMI rent restrictions for all units.
Collaboration between HUD, Virginia Housing, AEGON USA Realty Advisors, Arlington County’s Affordable Housing Investment Fund and Walker & Dunlop enabled this conversion to take place via LIHTC regulatory agreement that allowed for renovations of unit interiors as well as building systems and amenity spaces along with construction of a new Community Center at Park Shirlington . Walker & Dunlop’s Federal Housing Administration (FHA) team led by Chris Rumul arranged the loan after previously financing it via their interim loan program during conversion process to long-term affordability .
