Affordable Northern Virginia Property Scores $67M Refi
- Mar 04, 2021
Dwight Capital has secured a $66.8 million HUD refinancing for Ashburn Meadows, a 336-unit fully affordable community in Ashburn, Va., owned by Clark Realty Capital. The Loudoun County property was previously subject to a HUD 223(f) loan originated by the same Dwight Capital in 2017. That loan amounted to $45.4 million, according to Yardi Matrix data.
The new financing, which closed on Feb. 24, includes a reduced Mortgage Insurance Premium set at 25 basis points. Managing Director Brandon Baksh originated the deal, which marks the fourth refinance that Dwight Capital has closed for this client. The community was 98 percent occupied at closing, a Dwight Capital representative told Commercial Property Executive.
Completed in two phases, in 2000 and 2002, the property consists of 100 percent low-income housing tax credit units. Ashburn Meadows is located on more than 18 acres and comprises 336 two- and three-bedroom units across 14 three-story buildings.
The Northern Virginia community located at 21030 Lowry Park Terrace is just 7 miles from Dulles International Airport and 3 miles from Dulles Town Center, a premier retail destination. The property is 30 miles from Washington, D.C., and in close proximity to major employers including AOL, Airbus and Telos. Community amenities include a fitness center, a clubhouse, a playground, a swimming pool and walking trails.