Coralain Gardens represents the initial deal facilitated through Fairfax County, Virginia’s right of first refusal (ROFR) assignment process, which went into effect in the summer of 2022. ROFR gives the county first dibs on certain properties in an effort to help preserve existing affordable housing. LIIF’s part was a $15.2 million secured acquisition loan to support Enterprise Community Development’s acquisition of the 106-unit apartment complex.
Read the Commercial Observer article.
Read the Daily Record (Baltimore) article.
Read the Connect Community Real Estate article.
Read the Tysons Reporter article.
Read the FFX Now article.
Read the Annandale Today article.
Read the citybiz article.
Our CDFI lending is helping preserve affordable housing for historically excluded communities in Virginia. The good news is that Coralain Gardens will now remain income restricted through 2087.”
LIIF Loan Officer, Mid-Atlantic Region Geoffrey Shephard in citybiz article