$34M in Financing Closes for Dulles Station Condos

HERNDON, VA-A deal that puts nearly $34 million in financing in place for the development of the Dulles Station Residences has closed. Corus Bankshares Inc. subsidiary Corus Bank came through with the construction funds for the developer, which is an entity under the direction of Simmons Vedder & Co. and Crimson Partners. The 169-unit luxury condominium property will be the first structure to grace the new 65-acre planned community of Dulles Station.

The deal is a sweet one for the borrowers, as Simmons Vedder’s good history with Corus Bank allowed the loan to go forward without condo presales being in place. “We have complete confidence that the company can manage both the land development and building construction,” says Corus Bank first vice president Dwight Frankfather. “We have established a good working relationship with the lender for the land work. This will be a great addition to the suburban Virginia condominium market.”