$50M in Financing Facilitates Multifamily Project

MERRIFIELD, VA-It’s all systems go for development of Patriot Village at Dunn Loring apartments now that Cleveland-headquartered KeyBank Real Estate Capital has signed off on a $48-million construction loan to the developer, Boston’s DSF Investors LLC. The revolving loan–which was put in place following a KeyBank mezzanine loan to DSF for site development of the project in November–is for a three-year term. Bozzuto Construction Co. is heading up building activities for the 436-unit multifamily property located just 10 miles west of Washington, DC.

“We needed 100% confidence that our financial needs would be met throughout the life of this project,” DSF Group president and CEO Art Solomon says of the financing arrangement. “When a lender’s professionals understand the construction process, we are much better off. Everything in real estate is based on relationships, and this financing package reflects Key Bank’s understanding of our business.”