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.”