July 5, 2017

Celebrating the Financial Closing of Gilliam Place

The Arlington Partnership for Affordable Housing (APAH) recently closed two financial transactions to develop Gilliam Place in Arlington, Virginia! The development includes a total of 173 new homes for families, including nine homes with rental subsidy reserved for disabled and formerly homeless households. Gilliam Place will be a transit-oriented development with a green building focus, qualifying under the Earthcraft Multifamily program at the Platinum level.

Financing

Financing for the first transaction includes $26 million of construction financing from Capital One. Virginia Housing Development Authority is providing $7.87 million of permanent financing; Arlington County is providing a $2.76 million AHIF loan; and the Virginia Housing Trust Fund is providing a $700,000 loan.

Financing for the second transaction includes $14.1 million in construction bond financing provided by the Virginia Housing Development Authority (VHDA). VHDA will also provide $6.7 million of permanent financing, along with a $6.7 million Arlington County AHIF loan.

Between these two transactions, Enterprise will provide $31 million of equity.