$116M in Financing Closes for Two Multifamily Properties

ARLINGTON, VA-A recent financing deal totaling $115.7 million has paved the way for the acquisition and redevelopment of two luxury multifamily properties, Avalon at Ballston Vermont Towers and Avalon at Ballston Quincy Towers. Corus Bank, a subsidiary of Corus Bankshares Inc., has closed on two separate loans to Ballston Vermont LLC and Ballston Quincy LLC, both of which are affiliates of the Wills Cos. The borrowers plan to convert the respective apartment communities into upscale residential condominium properties.

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.