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RESTON, VA-Waterford Development is deepening its ties with Amsterdam-based SNS Property Finance. The move will double the funding it receives from the finance company to $500 million over the next two years.
Up until its new agreement with SNS, Waterford has received funding from SNS on a project by project basis, Jan Zachariasse, president and CEO of Waterford Development tells GlobeSt.com. "Now, though, they have set their sights on additional investment in the United States--particularly the Greater Washington, DC area." The company is currently scouting for new investment opportunities both here and in North Carolina, he says.
The additional funds will allow the company to expand into new product classes, such as multifamily. "We will be active anywhere on the commercial spectrum, from office buildings to flex space--whatever the market requires and makes sense for us." Under the new partnership SNS will retain partial ownership in the new projects, roughly 40%, Zachariasse says.
Zachariasse points to two projects in the duo's pipeline poised to break ground as examples that will typify investments in the new partnership: an $80-million apartment building in Arlington, VA, and six or seven buildings in Prince William's business park, Innovation@Prince William, that will be developed for roughly $100 million, as reported previously in GlobeSt.com. "SNS is providing the financing as well as maintaining a stake in both of these projects," he says.
The 90-unit apartment complex, called Rhodes Hill Square, is expected to break ground later this year. It will be located two blocks from the Courthouse Metro. At Innovation@PrinceWilliam, Waterford plans to build six to seven office and flex facilities and possibly a few data centers. "Building the infrastructure for that project will begin this fall," Zachariasse adds.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
