April 22, 2026
SCG Development, located in Tysons, Virginia, is pleased to announce the closing of its latest affordable multifamily development located in Ashburn, Virginia.
Commonwealth Lofts is a part of the master planned mixed-use redevelopment known as Commonwealth Center and will feature a 94-unit elevator served, five-story L-shaped apartment building including surface parking. The Property will consist of one, two, and three-bedroom apartment homes that will be rented to families earning no more than 30%, 40%, 50%, and 60% of area median income.
Future residents will enjoy the outstanding location and benefit from a short 5-minute walk to One Loudoun where there are a variety of retail establishments, restaurants and amenities such as: Trader Joe’s, CVS Pharmacy, Silver Diner, Popeyes, Alamo Drafthouse Cinema and The Fitness Equation gym. A bus stop will be constructed adjacent to Commonwealth Lofts, allowing the residents convenient connectivity to the rest of Loudoun County and beyond.
The total development budget for this project is $40.5 million, with Virginia Housing serving as the construction and permanent lender. Other permanent sources of financing that made this transaction possible include subordinate financing provided by Loudoun County DHCD, Virginia DHCD loans awarded through their Affordable and Special Needs Housing program (ASNH), and Low-Income Housing Tax Credit (LIHTC) equity capital syndicated by Stratford Capital Group. Locus Bank provided a predevelopment loan and a construction period equity bridge facility.
Other project participants include CBG Building Company (general contractor), Davis Carter Scott (architectural services), Gordon (civil engineering services), and Paradigm Property Management.
The completion of the development is scheduled for the fourth quarter of 2027.
About SCG Development:
SCG Development is a privately held real estate development firm focused on creating quality affordable and workforce rental communities. Our portfolio consists of over 70 properties across the country, including high-rise new construction, adaptive reuse of historic buildings, and the acquisition and rehabilitation of existing apartment communities. For more information, visit please www.scgdevelopment.com.