Fairfax, Va. — The Fairfax County Redevelopment and Housing Authority (FCRHA) has closed on financing for the development of One University, a mixed-use project located near the George Mason University campus. Groundbreaking is scheduled for January 2022.
The development will offer 120 affordable multifamily units, 120 units affordable seniors independent living units, and 333 units of student housing. SCG Development Partners will construct, own and operate the 240 units of multifamily and seniors housing; and a portion of the FCRHA property will be leased to RISE: A Real Estate Co. for the development of 333 units of student housing.
Ten percent of the units in each building will be compliant with the Americans with Disabilities Act. Common area amenities will include a business center, cyber lounge, outdoor courtyard, underground parking, bike storage and a fitness center. A timeline for the development was not announced.
Financing for the project will include $20 million in revenue bonds; $6.5 million in county Housing Blueprint funding; project-based subsidies for 71 units to support the construction and long-term operation of the project; and a subsidy of approximately $12 million for the portion of land with 240 units of affordable rental housing. Strafford Capital Group provided equity, and M&T Realty Capital Corporation provided FHA-insured loans.
The project is the first Rental Assistance Demonstration (RAD) converted property to obtain U.S. Department of Housing and Urban Development (HUD) approval for demolition and redevelopment, according to FCRHA.
Nixon Peabody LLP’s Kathie Soroka led the Nixon Peabody legal team, which also included Brendan Cardella-Koll and Patrice Harris. This team partnered with the Fairfax County Attorney’s Office to provide legal support and advice to the FCRHA.