Weekly Real Estate News
True Ground Housing Partners has opened The Linden Senior Residences, a roughly $64 million affordable housing community for older adults in Loudoun County, Virginia.
The 130-unit development serves residents age 55 and older earning between 30% and 60% of area median income. It is True Ground’s second senior community in Loudoun County and forms part of a larger mixed-use community that is expected to include additional housing, retail and offices.
The financing stack includes both 9% and 4% Low-Income Housing Tax Credits awarded by Virginia Housing. Truist invested approximately $29 million in tax-credit equity. Virginia Housing provided $14 million in permanent debt, $7.5 million through its Amazon REACH fund and $1.4 million in trust-fund financing.
Additional financing included more than $6 million through Loudoun County’s Affordable Multi-Family Housing Loan Program and $4 million through Virginia’s Housing Innovations in Energy Efficiency program.
A complex capital stack for 130 homes
The project demonstrates how deeply layered affordable-housing financing can become in high-cost markets. The approximately $64 million development cost includes nearly $33 million in construction costs, while the remainder reflects land, soft costs, financing and other development expenses.
The Linden includes 10,000 square feet of amenity space, a fitness center designed for older adults, gathering areas, a wellness suite and business center. True Ground also plans on-site resident services and access to health resources through a partnership with HealthWorks for Northern Virginia.
A planned second phase, The Maple, would add affordable family housing next door, creating a multigenerational component within the larger development.
For housing finance professionals, the project is notable not simply because 130 units opened, but because of what it took to finance them: multiple tax-credit allocations, permanent debt, county funds, energy-efficiency money and a dedicated affordable-housing fund tied to Amazon’s regional housing initiative.
