Joe and Midge Wholey Legacy Homes

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Joe and Midge Wholey Legacy Homes is a 12-story, 234 affordable community currently under construction in Arlington, VA.

Since 2011, True Ground has owned the twelve 3-story buildings that comprise 134 affordable homes at Marbella Apartments. In September 2023, True Ground began redevelopment of 31 existing units into 234 apartments. The property is in Rosslyn, a transit-rich neighborhood in Arlington, offering convenient access to Rosslyn and Courthouse Metro stations, bus transit, retail, parks, and job opportunities. The community is named in honor of one of the organization’s founding couples, Joe and Midge Wholey.

Financing

Marbella Apartments’ redevelopment is an approximately $136 million project, with construction costs close to $80 million. Virginia Housing awarded the project 9% and 4% tax credits, marking True Ground’s seventh project to employ this complex financing model. Virginia Housing Development Authority provided a total of $32.5 million in permanent loan financing, and Arlington County’s Affordable Housing Investment Fund (AHIF) provided $21.8 million in financing. The tax credit equity was purchased by Capital One, whom True Ground has worked with on three other deals. Hudson Housing Capital is partnering with Capital One as the project’s equity investor and tax credit syndicator. Construction partners include general contractor Donohoe, construction management KCM, civil engineer Walter Phillips, and architecture firm KGD.