In May 2019, CDT funded a $9 million permanent loan to New Post Apartments, a newly constructed 102-unit family community located in Fredericksburg, Virginia. The development consists of four 2 and 3-story residential buildings, and a separate community building for resident use. New Post serves a mix of affordable households, including 40%, 50% and 60% area median income families.
New Post was developed by The Humanities Foundation, Inc. (THF), a South Carolina-based nonprofit developer and owner of affordable multifamily housing throughout the Southeast. Founded in 1992, THF has developed over 2,000 units of affordable housing for transitional, family and senior populations. In addition to development, THF provides social services to its residents, including food banks, medical screenings, community gardens, and direct financial assistance to low-income residents for utility, food and medical expenses. A repeat developer client, New Post is CDT’s fourth project with THF.
In addition to CDT’s permanent loan, New Post was financed with LIHTC credits syndicated by The Richman Group Affordable Housing Corporation. Bank of America provided both the construction lender and purchased credits from Richman.