Residential conversion development leverages $15 Million in State Low Income Housing Tax Credits to develop homes for low- to moderate-income residents.
Advantage Capital, a leading impact investment firm that invests with intention in underserved areas and expands access to affordable housing opportunities across the country, announced today the financial closing of Telestar Court—a $51 million office to residential conversion based in Falls Church, Va. The redeveloped site will deliver 80 affordable homes for low- to moderate-income residents.
The firm leveraged $15 million in state Low-Income Housing Tax Credits (LIHTCs) in connection with the Virginia Housing Opportunity Tax Credit (HOTC) program, an essential tool for expanding the supply of affordable housing across the Commonwealth.
“The HOTC program is vital for expanding access to safe, affordable housing,” said William Fiederlein, Vice President at Advantage Capital. “We’re proud to support Conifer Realty in their conversion of underutilized office space into stable, affordable housing in Northern Virginia—reflecting our strategy to invest where capital has the greatest impact.”
The $51 million development will transform a former medical office building into 36 one-bedroom and 44 two-bedroom apartments serving households earning between 30% and 80% of the area median income (AMI).
“This is an exciting opportunity for Conifer Realty to expand into Virginia and deliver high-quality affordable housing where it's urgently needed,” said Paul Marfione, Vice President of Development, Conifer Realty. “With the support of our partners, Telestar Court is positioned to provide long-term impact for families in Fairfax County.”
Advantage Capital, which supported and actively advocated for the HOTC program alongside other organizations and entities, participates in state and federal tax credit programs to help developers finance housing developments and increase access to safe, high-quality, and affordable homes for low-income families, veterans, public service workers and other vulnerable populations in America.
To date, Advantage Capital has financed seven affordable housing projects in Virginia which will create or support more than 750 homes and units.
About Advantage Capital
Advantage Capital is a leading impact investment firm with an emphasis on driving capital to underserved areas. The firm provides flexible financing to growth-ready entrepreneurs and industries located in communities that often lack access to conventional sources of capital. Since 1992, the firm has invested more than $4.3 billion in more than 1,000 companies to support more than 77,000 quality jobs. The firm also invests with intention in affordable housing developments and renewable energy solutions to grow economies and communities. Learn more at Advantagecap.com.
Advantage Capital is an Investment Adviser registered with the U.S. Securities & Exchange Commission. Such registration, however, does not imply a certain level of skill or training. This release has been prepared for informational purposes and to announce a prior event, and nothing herein should be construed as an offer of investment advisory services or as an offer to sell or a solicitation of an offer to purchase any securities or investment product. All offers of investment interests in any fund or investment vehicle managed directly or indirectly by Advantage Capital are and will be made only to qualified prospective investors pursuant to separate and definitive offering and subscription documents in accordance with applicable federal and state securities laws. Advantage Capital is an equal opportunity provider.
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“With the support of our partners, Telestar Court is positioned to provide long-term impact for families in Fairfax County.”
Contacts
Advantage Capital
Joe Stosberg, Communications Manager
jstosberg@advantagecap.com
