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Press release content from PR Newswire. The AP news staff was not involved in its creation.
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Press release content from PR Newswire. The AP news staff was not involved in its creation.

Lincoln Avenue Capital Acquires Virginia Property with Support from the Amazon Housing Equity Fund and Fannie Mae

December 9, 2021 GMT
Lincoln Avenue Capital logo. (PRNewsfoto/Lincoln Avenue Capital)
Lincoln Avenue Capital logo. (PRNewsfoto/Lincoln Avenue Capital)
Lincoln Avenue Capital logo. (PRNewsfoto/Lincoln Avenue Capital)
Lincoln Avenue Capital logo. (PRNewsfoto/Lincoln Avenue Capital)
Lincoln Avenue Capital logo. (PRNewsfoto/Lincoln Avenue Capital)

LOS ANGELES, Dec. 9, 2021 /PRNewswire/ -- Today, Lincoln Avenue Capital (LAC), a mission-driven affordable housing company, announced the acquisition of a 569-unit affordable housing property in Alexandria, VA with financing from the Amazon Housing Equity Fund and Fannie Mae, provided by Berkadia Commercial Mortgage. The property, Cityside Huntington Metro Apartments, will retain rent restrictions for 99 years.

The Amazon Housing Equity Fund is a more than $2 billion commitment to preserve and create more than 20,000 affordable housing units in Washington state’s Puget Sound region; in and around Arlington, Virginia; and Nashville, Tennessee—three hometown communities where the company has a large and growing presence. The Amazon Housing Equity Fund increases housing options for moderate-to-low-income families by providing affordable housing providers with quick access to low-rate loans to create or preserve buildings where affordability would have otherwise been lost to commercial-rate development. The fund also provides cash grants to businesses, nonprofits, and minority-led organizations to help them build a more inclusive solution to the affordable housing crisis, which disproportionately affects communities of color.

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The Arlington area has seen recent rapid market growth coming out of the recovery and is poised to continue to grow substantially. Cityside Huntington Metro Apartments currently serves low-income and moderate-income residents, and with the addition of new rent restrictions as part of this acquisition, will continue to provide long-term stability for working families and give them opportunities to affordably live where they work.

“Lincoln Avenue Capital is focused on developing solutions that move forward the affordable housing field,” said Jeremy Bronfman, CEO of Lincoln Avenue Capital. “We are proud to partner with the Amazon Housing Equity Fund and Fannie Mae to provide this long-term investment in homes for hardworking families.”

“We created the Amazon Housing Equity Fund to help give people more peace of mind about their homes,” said Catherine Buell, Director of the Amazon Housing Equity Fund. “Housing insecurity is a reality for so many families, so we are supporting affordable housing developers, nonprofit and for-profit, to be more competitive in creating or preserving homes where affordability would have otherwise been lost. Our partnership with Lincoln Avenue Capital is our latest effort within this work to help build strong communities.”

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“For decades, Fannie Mae has been committed to leadership within the housing finance industry and to working with partners to create opportunities for the creation and preservation of affordable homes,” said Tim Leonhard, Senior Managing Director at Berkadia Commercial Mortgage. “We at Berkadia are equally committed to affordable housing and are very pleased to support this impactful endeavor by providing a highly structured and competitive Fannie Mae loan.”

Cityside Huntington Metro Apartments, which Lincoln Avenue Capital acquired through an affiliate entity, features a variety of amenities including an outdoor swimming pool, a courtyard lounge with barbecue grills, a fitness center, a rooftop sundeck and lounge, a playground, and Amazon lockers. The property is also located within walking distance to the Huntington Metro Station, which offers a convenient commute to the broader Northern Virginia and DC areas.

About LAC: Lincoln Avenue Capital is one of the nation’s fastest-growing developers, investors, and operators of affordable and workforce housing, providing high-quality, sustainable homes for low- and moderate-income individuals, seniors, and families nationwide. LAC is a mission-driven organization that serves residents across 17 states, with a portfolio of 100 properties comprising 17,000+ units.

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SOURCE Lincoln Avenue Capital