We are pleased to announce that a $15 million Cedar Rapids Bank and Trust Permanent Loan closed this week for Keswick Apartments Phase I. The Earthcraft Platinum, affordable family community is located in a new, master-planned mixed-use development in the historic Spotsylvania Courthouse District, Virginia. The property is located between Richmond, Virginia, and Washington, DC, one of Virginia’s fastest-growing counties. The new apartment community is one of three phases of a $65.5 Million, 336 unit multifamily and senior development created through a Joint Venture between Humanities Foundation and James Doran Company.
The development was funded in part by Housing Tax Credits administered by Virginia Housing Development Authority. The 120 apartments are located within four traditional garden-style apartment buildings with a separate clubhouse. Three of the residential buildings are 3 story walk-ups and the fourth building has an elevator. The unit breakdown consists of 24 one-bedroom apartments, 54 two-bedroom apartments, and 42 three-bedroom apartments. Onsite amenities include: playground, computer/business center, community room, central laundry, covered picnic area, walking trails, and fitness room. Humanities Foundation also coordinates Marketplace food deliveries to our residents and is coordinating other resident services for the families that call this beautiful community home.
Joint Venture Partner: James Doran Company
General Contractor: WB Properties & Construction
Architect: Martin Riley Associates – Architects, PC
Engineer: Webb & Associates
Attorney: Williams Mullen (Richmond VA office)
Property Manager: JDC Management, LLC
Virginia Housing Development Authority (VHDA)
Cedar Rapids Bank and Trust (CBRT)
Merchants Capital Corp.
Federal Home Loan Bank of Atlanta
Virginia Department of Housing and Community Development (DHCD)
Virginia Community Capital