Standard Communities has been working toward converting the community from market rate to affordable since acquiring it in 2018. Standard Communities has converted Park Shirlington, a 294-unit apartment community in Arlington, Va., from a market-rate to a long-term affordable property with a $46.6 million HUD-backed loan secured by Walker & Dunlop.
The owner of garden apartments on the edge of the Fairlington neighborhood nabbed $46.6 million in federal loans to help keep the units affordable and fund upgrades. Over the last two years, Standard Communities, which owns Park Shirlington (4510 31st Street S.), has been amassing funding including from Arlington County to keep the
Walker & Dunlop, Inc. announced today that it secured a $46.6 million loan for Park Shirlington, an existing 294-unit multifamily property in Arlington, Virginia.
Walker & Dunlop’s. | June 13, 2023
Standard Communities has received $46.6 million in federal housing loans to transform Park Shirlington, a 294-unit apartment building in Arlington, Va., into affordable housing.
A proposed apartment renovation project in Shirlington could receive an additional $2.6 million in loans from the county. Tomorrow (Saturday), the Arlington County Board is set to review a proposal increasing the size of an existing loan from the county's Affordable Housing