Conifer Realty Closes Financing for Telestar Court, Company’s First Affordable Housing Development in Virginia

Falls Church, VA, May 2, 2025 – Conifer Realty, in partnership with Fairfax County Redevelopment and Housing Authority (FCRHA) and Joseph Browne Development Associates, is proud to announce the closing of financing for Telestar Court, an 80-unit affordable multifamily development in Falls Church, Fairfax County, Virginia. This project marks Conifer’s first development in the state of Virginia, as the company expands its mission to create high-quality, affordable housing solutions.

Telestar Court will transform a four-story commercial office building into a modern, energy-efficient residential community, designed to address the growing demand for affordable housing in Northern Virginia. Strategically located near major employment centers, public transit options, and essential services, the development will provide affordable housing opportunities for low- and moderate-income families. The 80 units will include 36 one-bedroom and 44 two-bedroom apartments, all designated as affordable under the Federal Low-Income Housing Tax Credit (LIHTC) program for households earning 30% to 80% of the Area Median Income (AMI).

“Telestar Court represents an exciting milestone as Conifer’s first development in Virginia,” said Paul Marfione, Vice President of Development for Conifer Realty. “We are thrilled to bring our expertise in affordable housing to Fairfax County and provide modern, sustainable living options for residents. This development exemplifies our dedication to creating vibrant communities that offer residents access to both economic opportunity and quality living.”

Conifer Realty has more than 50 years of experience in the affordable housing industry and has developed more than 21,000 affordable homes across more than 300 communities in the Northeast and Southeast U.S. Known for its innovative approach to affordable housing, Conifer specializes in new construction and adaptive reuse projects that incorporate modern design, energy efficiency, and sustainability to seamlessly integrate with the personality of local communities. The company is committed to meeting the diverse housing needs of communities while maintaining a focus on long-term affordability and resident well-being.

“Telestar represents FCRHA’s initial foray into converting office space into affordable housing. There are many challenges involved in an office-to-residential conversion, including design, code, financing, and ensuring affordability will be preserved for years to come. Through due diligence, stress testing, and very intensive analysis on the part of our staff and Conifer, we have been able to outline a successful solution that will achieve our goals,” said Lenore Stanton, Chair, FCRHA.

The new housing community is strategically located at 2990 Telestar Court, near I-495, Route 50, and public transportation, ensuring residents have easy access to key employment hubs and community services. Conifer expects to begin construction in May 2025, with completion by the end of 2026. The new community will serve as a model for transit-oriented development in Northern Virginia.

“Merrifield is a vibrant community, and I’m proud that we are delivering new affordable housing near transit, jobs, and essential services. Housing is a public good and ensuring that people of all income levels can live with dignity and access opportunity is central to building a better Fairfax County and a place to call home,” said Providence District Supervisor and Board of Supervisors Housing Committee Chair Dalia Palchik.

Telestar Court will offer modern amenities, including a community room, bike storage, public outdoor play area featuring a park, playground, walking paths and EV charging stations. The building will meet Earth Craft certification standards and Virginia Housing’s sustainability requirements, ensuring a focus on long-term affordability and environmental sustainability.

The total development cost for Telestar Court is $51 million, funded through a combination of tax credit equity, public financing, and private investment. The project will feature a mix of affordable units, including Project-Based Vouchers (PBV) and Permanent Supportive Housing (PSH) for formerly homeless individuals, ensuring that the community will serve a diverse range of residents in need.

For more information about Telestar Court and Conifer Realty’s commitment to affordable housing, visit www.coniferllc.com.