ALEXANDRIA, VA. —Grandbridge Real Estate Capital, a subsidiary of Truist Financial Corp., has arranged $100 million in Freddie Mac loans on behalf of locally based Jair Lynch Real Estate Partners. In addition to the permanent financing, affiliates of Truist also served as a low-income housing tax credit equity investor for the transaction.
The financing package includes a $38 million, tax-exempt loan and a $62 million taxable tail loan. The 15-year, fixed-rate loans and equity will finance the construction of a 310-unit, unnamed mixed-income project that will be built at 505 S. Alfred St. in Alexandria, a city in the Washington, D.C., metro area. The project will include 100 affordable units and 210 market-rate units. Rent restrictions for the affordable units were not disclosed. Amenities will include outdoor areas, a clubroom and a fitness center. A groundbreaking date was not announced, but developers say construction will take 27 months to complete once the project is underway.