Bank of America -New Affordable Housing Development Coming to Henrico

Spy Rock Real Estate Group, Crescent Development helping to meet region's goal to significantly increase affordable housing units by 2040.

A new housing development is breaking ground on May 30 in Henrico County. The rent-restricted, solar-powered apartments, known as 'The Helios,' is a joint venture between Richmond based partners Spy Rock Real Estate Group and Crescent Development, and all of the units will be restricted and affordable to those earning under 60% of the Area Median Income (AMI). The site is located at 5701 Chamberlayne Road and replaces an abandoned dilapidated Days Inn motel. The estimated completion of the project is as soon as the end of 2025.

'The Helios' Affordable Housing Development Coming to Henrico 'The Helios' Affordable Housing Development Coming to Henrico

The Helios development will be operated by solar power generated on-site to significantly reduce utility and electric costs for residents and reduce emissions. The development plans include solar panels on the roof of each building along with four ground segments across a 1.9-acre solar array. The construction process and solar-powered utilities will meet the Virginia Energy ready home code and EarthCraft Gold community standards for energy efficiency.

The $54 million development cost is being funded by a $35 million construction loan from Bank of America and a $23 million Low-Income Housing Tax Credit (LIHTC) indirect equity investment arranged by Red Stone Equity Partners. Additional financial partners include Virginia Housing, the 4% Low-Income Housing Tax Credits issuer, and Harrisonburg Redevelopment and Housing Authority, the tax-exempt bond issuer. Cedar Rapids Bank & Trust will also provide permanent financing.

'The Helios is a pioneering affordable housing project, entirely powered using a large private solar array,' said Andrew Basham, Principal, Spy Rock Real Estate Group. 'To our knowledge, this hasn't been done before in Virginia.'

Spy Rock is primarily focused on multi-family and mixed-use properties across Richmond. Their team is associated with over 45 projects that involve more than 4,000 units of housing and 593,000 square feet of commercial space.

'This joint venture is a wonderful opportunity to create affordable housing in a way that benefits the community,' said Zac Frederick, Founder & CEO, Crescent Development. 'At Crescent, we rehabilitate developments and create new housing opportunities where people can live both affordably and comfortably.'

Crescent is a Richmond, VA-based real estate investment management firm that specializes in the acquisition, substantial rehabilitation and ground-up development of affordable housing, historic structures, and other assets.

'This collaboration will benefit our community by providing more high-quality, affordable housing in Henrico,' said Supervisor Roscoe D. Cooper III, whose Fairfield District includes The Helios. 'This development creates both jobs and housing for our residents, and it supports the broader reinvention and strengthening of the Chamberlayne corridor. The developers' vision to provide affordable yet modern housing with sustainable initiatives is truly commendable. This will create a long-lasting impact in both Henrico and greater Richmond.'

The 8.2-acre development site consists of three mid-rise, elevator-serviced buildings, offering 186 units with 1 to 3-bedroom floor plans. The development will offer several common spaces - including a single-story clubhouse, fitness center, playground, dog park, grilling area, and open green space.

The development is located near local grocery stores, schools, shops, restaurants, and places of employment, offering easy access to major highways and public transportation for residents' convenience. The Helios will include on-site management, a leasing office, and a collaborative office space. The property is also providing over 350 parking spaces. Units will include a balcony, central A/C, a dishwasher, microwave, washer/dryer units, ceiling fans, and garbage disposal.

'Bank of America is pleased to help finance The Helios, which will provide much-needed affordable housing to our community,' said Victor Branch, Market President, Bank of America Richmond. 'This innovative and sustainable development is one of many efforts in the Greater Richmond Region to help residents improve their quality of life while contributing to a growing, vibrant community.'

KBS is the general contractor on the project, Poole & Poole Architects is the project architect and VHB Engineering is tasked with completing the civil/site design. Once complete, Steelhead Management will provide property management and residential services.

Reporters may contact:

Matt Card, Bank of America

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