$73M Condo Financing Deal Closes

FALLS CHURCH, VA-A $72.9-million financing deal has closed for Pearson Square, a 230-unit residential condominium project that will also feature a ground-level retail segment. Chicago-based Corus Bankshares Inc. subsidiary Corus Bank provided the funds for the borrower, a Carr Enterprises affiliate operating under the name Pearson Square.

The non-recourse loan allowed for the purchase of the land from Atlantic Realty Cos., a transaction that closed last week, and the funding of the construction of the property. Corus wasted little time facilitating the transaction, as the company was confident in moving forward on the deal due to its history with Carr Enterprises; Corus Bank has provided two other loans for the real estate company.

“We were able to use the first two transactions as a starting point for this transaction. We were able to be even more aggressive on our advance rate for this loan,” Corus Bank first vice president David Ploger says.