Funded by CDT in January 2018, this $5.967 million loan provided permanent financing for an 80-unit senior housing multifamily development located in Bealeton, Virginia. The property is the first multifamily development that has been constructed as part of the Mintbrook Master Plan, a mixed-used community in Bealeton. The property was financed with LIHTC equity syndicated by The Richman Group with Bank of America as the sole investor. Mintbrook Senior Apartments is part of the Mintbrook Master Plan, a 332-acre mixed-use community developed by a Virginia-based developer, Mintbrook Developers, LLC. The Master Plan is slated to include 575 residential dwellings (composed of affordable and market-rate multifamily, single-family, and townhome developments), 305,378 square feet of commercial space, and a hotel located along Route 17 and 28. The Humanities Foundation, Inc., the developer, purchased a 3.58-acre parcel of land from Mintbrook Developers, LLC in 2014 to build the site. The Humanities Foundation is a repeat CDT borrower.
Mintbrook Senior Apartments is a three-story, single-elevator building consisting of 80 units with 30 one-bedroom and 50 two-bedroom units which are being offered to seniors at the 40%, 50%, and 60% AMI levels. The property includes a community space with a meeting area, a business center with computer access, a fitness room, a central laundry facility, a gazebo, and a garden area for the residents. The development has been built according to EarthCraft House specifications, which incorporate green, energy-efficient elements.