Developed in 1989, Ballston Vermont sits at 1001 N. Vermont St. just off Interstate 66. The 232-unit property will be converted to condos courtesy of Corus Bank's $59.6-million loan to Ballston Vermont LLC. Less than one-third of a mile from Ballston Vermont is Ballston Quincy, which also opened for occupancy in 1989. Featuring 222 units, the residential community will be reinvented through funds from a $56.1 million-loan. The financing covers most of the acquisition costs, but not all; Ballston Vermont sold for nearly $62.3 million, while the total purchase price for Ballston Quincy was nearly $58.3 million.

"Given the attractiveness of these assets, their exceptional location and the red-hot Rosslyn-Ballston Corridor condominium market, it is clear that the highest and best use is a conversion to condominiums," says Corus Bank vice president John Ascher. With these loans, Corus has now provided $263 million in financing for five of their condominium conversions over the past 14 months. Other Corus Bank projects with Wills include the acquisition and conversion of Fox Mill Station in Herndon via a $36.1-million Corus Bank loan last September, and the acquisition and conversion of what is now known as High View at Hunt Valley in suburban Baltimore via a $70-million Corus Bank loan last March.