Enterprise Community Development, Fellowship Square County Open 240-Unit Lake Anne House in Reston, Virginia

by Jeff Shaw

RESTON, Va. — Enterprise Community Development and Fellowship Square will cut the ribbon Sept. 29 on Lake Anne House, an affordable seniors housing community in the Washington, D.C. suburb of Reston.

The community features 240 units for low-income seniors. The project was a redevelopment of a 1970s-era property. The developers constructed the new building on an underutilized portion of the site, adjacent to the original Lake Anne Fellowship House.

The new Lake Anne House includes 56 studios, 178 one-bedroom and six two-bedroom apartments. The old building is scheduled for demolition next year, with plans to replace it with townhomes.

Financing partners included Virginia Housing, Fairfax County Board of Supervisors, Fairfax County Redevelopment and Housing Authority, Virginia Department of Housing and Community Development, Capital One, and the U.S. Department of Housing and Urban Development (HUD).

Development partners included Grimm + Parker Architects, Charles P. Johnson & Associates, Orr Partners and Bozzuto Construction.

The project financing incorporated $46.5 million in tax-exempt bond financing from the VHDA and a $700,000 loan from the Virginia Housing Trust Fund. Additionally, the financing package contained $21.5 million in Low-Income Housing Tax Credit (LIHTC) equity provided through Enterprise Housing Credit Investments by Capital One, $3 million in Blueprint Funding from the Fairfax County Redevelopment and Housing Authority, $7.2 million in bridge financing from the Enterprise Community Loan Fund and equity from Enterprise Community Development and Fellowship Square.

The market proceeds from the sale of the land underneath the old Fellowship buildings will provide repayment of all bridge financing.

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