APAH Closes Financing – Citybizlist – February 10, 2015
Arlington Partnership for Affordable Housing Closes Financing – Citibizlist – February 10, 2015
Construction to Begin on The Springs Apartments; Groundbreaking Celebration Announced
Arlington, Va.— The Arlington Partnership for Affordable Housing (APAH) announced the closing of construction financing for The Springs Apartments (555 N Thomas Street, Arlington, VA 22203). Financed with equity from Bank of America Merrill Lynch and construction loan proceeds from Bank of America Merrill Lynch and the Virginia Housing Development Authority (VHDA), The Springs will provide new committed affordable housing close to the Ballston Metro. Groundbreaking is planned for March 11, 2015, from 1:00 – 2:30 pm and completion will be in fall 2016.
“APAH is deeply appreciative of the visionary and creative Arlington County leadership, which made these new, quality affordable homes possible by rezoning our site for more density and providing a $7.8 million loan from their Affordable Housing Investment Fund (AHIF),” said APAH President/CEO Nina Janopaul. “Many thanks to our supportive funders, VHDA and Bank of America Merrill Lynch and to our capable development team.”
