20 C
New York
Monday, July 22, 2024

Your Free Washington Construction News eletter

HomeProjects and opportunitiesSCG Development raises more than $84 million for Northern Virginia affordable housing...

SCG Development raises more than $84 million for Northern Virginia affordable housing project

Washington Construction News staff writer

SCG Development has secured financing and support for a Northern Virginia affordable housing project, the company said in a statement on April 3.

The developer has arranged $54.5 million in financing from Virginia Housing, a nonprofit, quasi-governmental financing agency, for the Somos at McLean Metro project, Commercial Observer (CO) reported that day.

As well, Amazon has agreed to provide almost $29 million as a low-rate loan, and the developer coordinated a 4 percent Low-Income Housing Tax Credit and tax credit equity from Stratford Equity Group.

SCG build a 231-unit structure at the site of an unused office building at 1750 Old Meadow Rd. between Tysons and McLean. The structure will include apartments ranging from studios to three bedrooms.

SCG affiliates are leasing the property from Fairfax County Redevelopment and Housing Authority, whose ground lease will guarantee affordability at the complex for 99 years, SCG says.

“Our investment towards Somos at McLean provides much-needed increased affordable inventory in the Northern Virginia area,” said Virginia Housing CEO Tammy Neale in a statement.

Construction on Somos’ first phase will start immediately. CO reports that an Amazon spokesperson anticipates the project’s second phase will close later this year, though it is unclear how many units this phase will contain, or when construction will commence.

Mark Buckshon
Mark Buckshonhttps://washingtonconstructionnews.com
Mark Buckshon is the publisher and interim editor of Washington Construction News. He is also president of the Construction News and Report Group of Companies. He combines a journalism and business background, and has published construction trade publications for more than 30 years, after an earlier career in journalism, which culminated when he lived through the transition from Rhodesia to Zimbabwe in 1978-80 as a sub-editor for the Bulawayo Chronicle and a correspondent for a Canadian news service.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Your Free Washington Construction News eletter

On request, we'll send you a free weekly news update from Washington Construction News. Of course you can cancel anytime.

- Advertisment -

Most Popular

Recent Comments