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 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.