Section 538 loans in Virginia
USDA's public file lists 11 Section 538 guaranteed loans in Virginia, $32,346,464 in all, financing 660 apartments. 10 of them also used housing tax credits. The median loan covered 32% of total development cost.
Lenders on these loans
- CHURCHILL MORTGAGE INVESTMENT LLC5
- BELLWETHER ENTERPRISE REAL ESTATE4
- LUMENT REAL ESTATE CAPITAL, LLC2
Lender names as USDA records them. Open Country is not affiliated with any lender listed.
| Project | Closed | Loan | Loan to cost | Units | 1BR / 2BR / 3BR rent |
|---|---|---|---|---|---|
| Northwood Village Emporia · Rehab/Repair · LIHTC · LUMENT REAL ESTATE CAPITAL, LLC | 2026 | $6,975,900 | 51% | 72 | $1,080 / $1,163 / $1,320 |
| Brookside Square Apartments Boykins · Rehab/Repair · LIHTC · BELLWETHER ENTERPRISE REAL ESTATE | 2026 | $2,012,000 | 34% | 32 | $1,161 / $1,207 / - |
| Reese Village Apts Emporia · Rehab/Repair · LIHTC · BELLWETHER ENTERPRISE REAL ESTATE | 2026 | $2,370,000 | 30% | 40 | $1,132 / $1,165 / - |
| Grande Oak Williamsburg · New Construction · CHURCHILL MORTGAGE INVESTMENT LLC | 2022 | $4,725,000 | 36% | 49 | - / $1,016 / - |
| Marion Manor Marion · Rehab/Repair · LIHTC · CHURCHILL MORTGAGE INVESTMENT LLC | 2019 | $200,000 | 2% | 91 | $319 / $491 / $593 |
| Timberland Park Charlottesville · New Construction · LIHTC · CHURCHILL MORTGAGE INVESTMENT LLC | 2019 | $6,866,000 | 50% | 80 | - / $780 / $929 |
| Exmore Village Exmore · Rehab/Repair · LIHTC · BELLWETHER ENTERPRISE REAL ESTATE | 2018 | $2,500,000 | 41% | 65 | $565 / - / - |
| Marion Manor Marion · Rehab/Repair · LIHTC · CHURCHILL MORTGAGE INVESTMENT LLC | 2018 | $1,650,000 | 18% | 91 | $319 / $491 / $593 |
| Bailey Court Stanardsville · Rehab/Repair · LIHTC · BELLWETHER ENTERPRISE REAL ESTATE | 2017 | $700,000 | 20% | 32 | $545 / $570 / - |
| Lily Ridge Apartments Ruckersville · New Construction · LIHTC · CHURCHILL MORTGAGE INVESTMENT LLC | 2016 | $2,222,564 | 32% | 48 | $654 / $872 / $1,007 |
| High Meadows Wytheville · New Construction · LIHTC · LUMENT REAL ESTATE CAPITAL, LLC | 2009 | $2,125,000 | 22% | 60 | $375 / $525 / $595 |