Advantage Capital Provides $9.6M Loan For Phase II Of Kindlewood Affordable Housing Project In Charlottesville

The asset involved in this transaction is a development site located at 460 Garrett Street in Charlottesville, VA. The total loan amount secured for this property is $9,600,000, which supports Phase II of the Kindlewood project, an affordable housing initiative valued at $68M. This phase will introduce 100 new units, with 50 of them being replacement units, slated for completion in fall 2026. The project will also include a learning center, a community center, and the headquarters for the Piedmont Housing Alliance, supported by state Low-Income Housing Tax Credits (LIHTCs).

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $9,600,000
• Lender: Advantage Capital
• Market: Charlottesville, VA
• Completion Date: Fall 2026
• Project Value: $68,000,000
• Total Units: 100
• Replacement Units: 50
• Additional Facilities: Learning center, community center, Piedmont Housing Alliance HQ

Advantage Capital is the lender involved in this financing deal, facilitating the funding for the next phase of the Kindlewood affordable housing project. This transaction is significant in terms of its support for the local community by increasing housing availability and providing essential services through the new facilities included in the development plan.