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Standard Communities has secured $67.5 million in financing to build Jefferson Plaza Apartments, a 240-unit affordable housing development in Woodbridge, Va.
Financing was provided by Virginia Housing, a nonprofit lender that issued tax-exempt bonds, while Freddie Mac (FMCC)’s low-income housing tax credit provided additional financing through the syndication efforts of Hudson Housing Capital.
“We are proud to provide financing and vital housing tax credits that will help make the construction of 240 new apartment homes a reality,” said Janet Wiglesworth, interim CEO of Virginia Housing, in a statement. “Jefferson Plaza will provide an affordable, conveniently located, modern community for residents in Prince William County.”
All 240 units within Jefferson Plaza Apartments will be 100 percent affordable, with each unit income-restricted to people earning no more than 60 percent of the area median income .
“Our investment in Woodbridge is consistent with Standard’s track record throughout the United States of creating high-quality affordable communities,” said Scott Alter, co-founder and principal of Standard Communities, in a statement.
Located at 1305 Jefferson Plaza in Prince William County, about a 30-minute drive from Washington, D.C., the property will feature seven three-story buildings holding a combined total of 147 one-bedroom units and 93 two-bedroom units.
Additionally, the complex will feature 354 on-site parking spaces, a 3,000-square-foot club room for residents, a business co-working space, a fitness center, a dog park and a playground.
The project is being developed on the 7.6-acre site of what was a shopping center and sits adjacent to Route 1, Interstate 95 and Virginia Railway Express’s Woodbridge station.
Prince William County Supervisor Margaret Angela Franklin said in a statement that the development of the Jefferson Plaza Apartments will help improve the fortunes of the declining Route 1 corridor.
“Revitalizing the Route 1 corridor has been one of my top priorities since being elected as the Woodbridge District Supervisor 4 years ago. The Jefferson Plaza Apartments are a key part of that revitalization effort,” said Franklin.
Brian Pascus can be reached at bpascus@commercialobserver.com
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