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SCG Development’s Closes on Ovation at Arrowbrook Affordable Housing in Herndon, VA

SCG Newsletter / February 9, 2021

SCG Development Announces the Closing of Ovation at Arrowbrook Centre Apartments

Tysons, Virginia, January 20, 2021: SCG Development, a national affordable housing developer, is pleased to announce the closing of Ovation at Arrowbrook Apartments, located in Herndon, Virginia.

Ovation at Arrowbrook will be a $100 million mixed-use development located in close proximity to the future Innovation Center Silver Line Metro Station and the Center for Innovative Technology in Herndon, Virginia.

Jeffrey C. McKay, Chairman, Fairfax County Board of Supervisors.
“In Fairfax County, smart and sustainable affordable housing for low- and moderate-income families is a priority central to our work and decision-making. As we continue to address the changes in our major activity centers, this Board will continue to pursue innovative development options to meet the growing need for affordable housing.”

The development will feature 274 affordable apartment homes with 38,000 square feet of community retail space. Located adjacent to the Arrowbrook Centre Park, residents of Ovation will enjoy easy access to playgrounds, athletic fields, an outdoor entertainment pavilion and a dog park. Designed to achieve the green building designation of EarthCraft Gold, the Property’s 10,000 square feet of amenity space will house a fitness center, business center, club and entertainment rooms, and a private courtyard and garage parking. Ovation at Arrowbrook is expected to be complete the Fall of 2022.

John Foust, Supervisor, Dranesville District. “To build a community complete with a quality of life that we’ve come to expect in Fairfax County is a monumental task that takes a wonderfully diverse collection of workers; but right now, our housing market is struggling to produce options for many of our low and moderate-income households to afford a stab, safe home in the communities where they work. The Ovation at Arrowbrook represents a huge leap forward by providing many of these hard-working households the opportunity to establish roots, raise their families, and benefit from all the advantages that life in Fairfax County affords.”

The financing for the Property is being provided by: TD Bank, M&T Bank, M&T Realty Capital Corporation, Freddie Mac, Stratford Capital Group, Virginia Housing and the Fairfax County Redevelopment & Housing Authority.

C. Melissa McKenna, Chair, Fairfax County Redevelopment and Housing Authority.
“The financing component of the Arrowbrook development not only reflects the significance of our commitment to the development of affordable housing throughout Fairfax County, but it is an exceptional showcase of several of the tools we have to bring these developments a reality. The FCRHA will continue to leave no stone unturned and no tool or resource unutilized in our pursuit to achieve and surpass our countywide goal of producing a minimum of 5,000 new affordable homes by 2034.”

Original Article:  https://www.bizjournals.com/washington/press-release/detail/4964/SCG-Development

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SCG Development’s Closes on Ovation at Arrowbrook Affordable Housing in Herndon, VA

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Corey Grab

Director of Construction Management

CG@scgdevelopment.com

Mr. Grab joined Stratford in 2020 and is primarily responsible for the construction management of affordable housing investments for SCG Development. Prior to joining Stratford, he was the VP of Construction Management at Gardner Capital Development overseeing a national construction portfolio over $200MM developing 2,700 units. Prior to Gardner Capital, Mr. Grab spent seven years with U.S. Bank Community Development Corporation as AVP of Construction Risk Management. Since 1999, he has overseen the development of over 7,000 units with construction contract valued over $1.3B. He received a Bachelor’s degree in Construction Management from Missouri State and a Bachelor’s degree in Business Management and Organizational Leadership from Maryville University.

STEPHEN P. WILSON

President – Principal
spw@scgdevelopment.com

A founding member and owner of SCG Development and its affiliated company Stratford Capital Group (the “Company”), Steve is primarily responsible with the management and oversight of the Company’s property development activities. Since its inception, the Company has raised over $1.8 billion of equity capital resulting in the development of 243 properties comprising 27,400 apartment units across 27 states. The total development cost for the entire portfolio is over $4.2 billion. SCG Development has active development projects in 12 states. The Company maintains offices in Tysons, Virginia and Peabody, Massachusetts.

Prior to forming Stratford Capital, Steve was a senior member with the Franklin Capital Group where he was primarily responsible for the supervision of all development projects. He has a broad development experience managing numerous types of projects that include ground up construction, moderate and substantial rehabilitation and adaptive re-use of historic structures. He is an appointed Board Member of the Loudoun County Housing Advisory Board. He is a graduate of the University of Richmond with a bachelor’s degree in Finance and holds an MBA from The George Washington University.

Charles N. Margolis

Development Associate

CNM@scgdevelopment.com

Mr. Margolis joined SCG Development in 2019 and is primarily responsible for assisting in the analysis and underwriting of affordable housing developments. Prior to joining Stratford, he worked at the DC-based affordable housing consultancy Audubon Enterprises. He received a Bachelor’s degree in Entrepreneurial Management from Tulane University.

GAIL N. SEVERT

Senior Vice-President
gns@stratfordcapitalgroup.com

Ms. Severt is responsible for the accounting, finance, information technology and marketing for the Company. Gail works closely with the team to develop efficient business process, ensuring proper controls are in place to minimize risk to the company.

She has over 22 years of accounting and information infrastructure experience. Prior to joining SCG Development, she was a Manager, Business Process Outsourcing at McGladrey, LLP, where she was responsible for accounting, system implementation, and management consulting for a variety of small to mid-size businesses. Her real estate experience extends from the 8 years working as a partnership controller for the Equity Group Investment Limited Partnership Syndication portfolio. She was involved with the initial public offerings of Equity Lifestyle Properties (fka Manufactured Home Communities, Inc. (“MHC”)) and Equity Residential Properties, and subsequently served as Corporate Controller for MHC. She received a Bachelor’s degree in Accounting from St. Joseph’s College and her CPA designation in Indiana and Illinois.

STEPHANIE MARCUS

Vice-President
smm@scgdevelopment.com

Stephanie Marcus has 15 years of experience in the multi-family industry and is responsible for the acquisition and development of affordable housing investments for SCG Development. Prior to joining the firm, Ms. Marcus worked for various multi-family and single-family home developers and oversaw the acquisition, entitlement, development and construction of over 2,000 residential units valued at over $300 million in the Mid-Atlantic region. Ms. Marcus received a Bachelor’s Degree in Urban and Public Policy Studies from the State University of New York at Buffalo.

Brett Ruby

Assistant Vice President

bwr@scgdevelopment.com

Brett Ruby joined SCG Development in 2019 and is primarily responsible for assisting in the analysis and underwriting of affordable housing developments as well as the closing of acquisition and disposition transactions. Prior to joining Stratford he worked for a national title insurance company in their commercial transactions group. He received a Bachelor’s degree in Government and Politics from the University of Maryland, a J.D. from the University of Baltimore School of Law, and is pursuing a Master’s degree in Real Estate Development from Johns Hopkins University.

JONATHAN S. MILTON

Vice-President
jsm@scgdevelopment.com

Mr. Milton is a member of the asset management department. He has over 14 years of experience working in the affordable housing industry. Prior to joining Stratford, he was an asset manager at Freddie Mac, where he was responsible for overseeing a portfolio of multifamily loans in excess of $11 billion. Prior to Freddie Mac, he was an associate at Franklin Capital Group, where he was responsible for the analysis of affordable housing investments. He received a Bachelor’s degree from Bucknell University, a Master’s degree in Philosophy from Temple University and an MBA from American University.

JASON B. DUGUAY

Vice-President
jbd@scgdevelopment.com

Mr. Duguay joined Stratford in 2010 and is primarily responsible for the acquisition and development of affordable housing investments for SCG Development. Prior to joining Stratford, he worked for a Massachusetts-based real estate brokerage firm where he was involved with the analysis and brokerage of commercial and residential real estate. He received a Bachelor’s degree in Finance and Economics from Bentley University.

PAUL BOBB

Accounting Manager

PBJ@scgdevelopment.com

Paul Bobb joined SCG Development in 2018 as Accounting Manager and is responsible for conducting accounting and finance functions for the company. Prior to joining the company, he worked for a Washington, DC based real estate investment firm and has over 10 years of experience in the multi-family housing industry. He received a Bachelor’s degree in Accounting from the Catholic University of America.

ROBERT M. BARNARD

Assistant Vice President
rmb@scgdevelopment.com

Mr. Barnard is primarily responsible for assisting in the analysis and underwriting of affordable housing developments. Prior to joining Stratford he worked for a Northern Virginia based real estate appraisal company. Before that, Mr. Barnard interned with Vornado Realty Trust in their Acquisitions department. He received a Bachelor’s degree in Business and Political Science from the University of Rochester and a Master’s degree in Real Estate from Georgetown University.

NICHOLAS C. BRACCO

Vice-President
ncb@scgdevelopment.com
Mr. Bracco is primarily responsible for the acquisition and development of affordable housing. He has over 10 years of experience in the real estate development industry. Prior to joining Stratford, Mr. Bracco worked for AHC Inc., leading non-profit developer of affordable housing, where he managed the development activities for a substantial portfolio of real estate assets. Prior to joining AHC Inc., he was a Development Director at Miller & Smith, a boutique real estate development firm, where he assisted in the development of a 5 million square foot mixed-use town center project. He holds a BS in Finance from George Mason University and an MS in Real Estate Development and Finance from the Carey Business School at Johns Hopkins University.

KEITH J. MCDONALD

Vice President
kjm@scgdevelopment.com

Mr. McDonald joined Stratford Capital Group in 2010 and serves as a Vice President overseeing the development process from site selection to stabilized operations. He has over 15 years of experience working in the affordable housing business in the areas of syndication, acquisition, consulting, and property development. Prior to joining Stratford Capital, he served as Vice President at Focustar Capital, a boutique capital market firm responsible for originating and placing debt and equity on multiple real estate and energy market product types. Prior to joining Focustar Capital, he was a Senior Analyst at Carpenter & Company, Inc, assisting development and acquisitions activities. Prior to Carpenter & Co., he was employed at the Reznick Group as a senior analyst where he assisted in structuring historic, new market, and low income housing tax credit transactions. He received a Bachelor’s degree in Accounting from the Boston College.

KYLE F. WOLFF

Executive Vice-President/Principal | Director of Acquisitions
kfw@stratfordcapitalgroup.com

A founding member and owner of Stratford Capital, Mr. Wolff is Stratford Capital’s Director of Acquisitions and is primarily responsible for managing and overseeing Stratford Capital Group’s effort to acquire affordable apartment properties that benefit from various federal and state tax credits. Day-to-day activities also include project risk management, business development, asset management and general marketing. Other responsibilities include working in tandem with the investor marketing group to facilitate the review, approval and investment by institutions in Stratford Capital’s proprietary and multi-investor funds. Prior to forming Stratford Capital, he was a senior member of the Franklin Capital Group, where he was primarily involved in real estate investment acquisitions and analysis. Prior to joining Franklin Capital Group, he was employed by BankBoston, N.A. as well as Berkshire Mortgage Finance. Mr. Wolff received a Bachelor’s degree in Industrial Engineering from Lehigh University and holds an MBA from Boston University.

BENJAMIN D. MOTTOLA

President/Principal | Chief Operating Officer
bdm@stratfordcapitalgroup.com

A founding member and owner of Stratford Capital, Mr. Mottola is responsible for the day-to-day operations of the company and his primary responsibilities include strategic planning, business development and the supervision and coordination of Stratford Capital’s various business units. Prior to forming Stratford Capital and since 1996, he was the senior member of the real estate investment acquisitions staff for the Franklin Capital Group where he was primarily involved with its real estate investment and acquisition activities. During that time, he was involved in the acquisition of over 9,000 apartment units with a development value in excess of $600 million. He also oversaw most investment analysis, real estate underwriting and other transactional activities. Prior to joining Franklin Capital Group, Mr. Mottola spent six years with Copley Real Estate Advisors, a Boston, Massachusetts based institutional real estate investment advisory firm where he was responsible for the asset management of over 4,000 multi-family apartment units. He received a Bachelor’s degree in Business Administration from St. Michael’s College.

JOHN M. (“JERRY”) NELSON, IV

Chairman/Principal
jdm@stratfordcapitalgroup.com

A founding member and owner of Stratford Capital, Mr. Nelson’s primary responsibilities include strategic planning, business development and supervision of marketing activities. Prior to forming Stratford Capital, from 1995 to 2006, he was Chief Executive Officer of Franklin Capital Group, a real estate investment company specializing in the financing and development of apartment communities nationwide. During his tenure, Franklin Capital Group placed more than $350 million in equity capital in over 115 residential rental properties consisting of more than 13,500 apartment units. From 1987 to 1994, he was Executive Vice President of Sumner Development Company, a real estate company, and president of an affiliated entity, Mount Vernon Financial Corporation, where he arranged debt and equity financing and participated in project acquisition and development. From 1975 to 1987, he was Managing Director of First Winthrop Corporation and subsequently Chief Executive Officer of Winthrop Financial Associates, both Boston, Massachusetts based real estate companies. As one of the founders of Winthrop, he was responsible for the acquisition and syndication to private investors of over $5.5 billion dollars of property, including over 40,000 rental apartment units. From 1967 to 1969, he served as an officer in the United States Navy. He is a graduate of Yale University and holds an MBA from the Harvard Business School.