Fairstead Lands $120M in Financing for NoVA Affordable Housing Project

A historic housing community in Northern Virginia is getting a complete overhaul due to a new nine-figure financing package aimed at demolishing and re-imagining the complex.

Affordable housing developer Fairstead has tapped a variety of sources to secure a $120 million loan package toward its redevelopment of Samuel Madden Homes, a 1945-built community in Old Town Alexandria, Commercial Observer can first report. The community was constructed at the time by the Alexandria Redevelopment and Housing Authority (ARHA) and the federal government to house Black defense workers during World War II.

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