ARLINGTON, VA-Monument Realty will be breaking ground on a 322,000-square-foot build-to-suit office project for Boeing here, now that a sequence of events have fallen into place for the project. One important milestone: the company secured $116 million in construction financing from RBS Citizens, N.A. and Sovereign Bank. That in itself is a major accomplishment given the size of the loan, Monument Realty’s Russell Hines tells GlobeSt.com. The fact that it is for Boeing, he says, “made it attractive to the lenders.”

Also falling into place for the project was the unanimous approval by Arlington County Board for the site plan amendment permitting the construction of the Boeing project and the land exchange of Monument’s Boundary Channel Drive site for Arlington County’s Crystal City site.

The land exchange was first announced in July 2005. It completes Arlington County’s assemblage of land for the Long Bridge Park, which will open on November 5, 2011. Arlington County plans to develop an aquatics facility on the land it obtained from Monument.

The project is located across from the Pentagon on a 4.7-acre parcel of land. The county board approval also included 131,000 square feet of future expansion on the property. The project is scheduled for completion in October 2013, at which time Boeing will purchase the property. Monument’s investment partners in the project are Atlas Capital Group and Square Mile Capital Management.