• Rendering of Exchange at Spring Hill development

    Architectural rendering of building exterior.

  • Architectural rendering of exterior community center.

    Architectural rendering of exterior community center.

  • Architectural rendering of interior resident communal floor.

    Architectural rendering of interior resident communal floor.

  • Construction site for the Exchange at Spring Hill development.

    Construction site for the Exchange at Spring Hill development.

From a “peach grove” to a now popular urban center — Tysons Corner has transformed into a hub of corporate offices (including Freddie Mac headquarters), two super-regional shopping malls and a booming residential market. But as this thriving Northern Virginia city with its new Metrorail system continues to expand, its affordable housing supply is struggling to keep pace.

Last year, Freddie Mac worked with Optigo® lender Greystone Servicing Company and sponsor Arlington Partnership for Affordable Housing (APAH) to make history on the first 100% affordable multifamily project in Tysons Corner. We helped close a $39 million unfunded forward fixed-rate tax-exempt financing. The proceeds will be used to refinance a construction loan and stabilize a 265-unit affordable high-rise.

Picture of Exchange at Spring Hill video

Mission in Focus: Kentez Montgomery has boots on the ground at the construction site of this new development.

This deal is part of a larger project called the Exchange at Spring Hill Station that consists of two, 20-story mixed-use buildings totaling 516 units and a 30,000 square feet community center, expected to be built by 2027. The publicly accessible community center is slated to have a basketball court, a fitness center and programs run by Fairfax County. Additionally, this transit-oriented development will be a 10-minute walk to nearby grocery and retail centers, and the WMATA Spring Hill Metrorail station will be just a few steps away.

“We broke ground on construction on December 19 last year. I’m excited to be part of a project that will provide much-needed affordable housing in an area ripe with economic and social opportunities for residents,” said Kentez Montgomery, the Freddie Mac senior producer who worked on this deal.

With the help of Low-Income Housing Tax Credits, the deal will preserve rents between 30% to 70% of the area median income, providing housing affordable to low- and moderate-income renters.

This milestone is just another way we’re making home possible for our nation’s renters.