ARLINGTON, VA-Work is beginning on a new multifamily project here and, separately, $161 million in financing has been secured for two apartment buildings in nearby Crystal City. In short, it is yet another day’s reporting on the Washington DC area’ commercial real estate scene, which is currently dominated by this asset class.
Insight Property Group has begun construction of Grayson Flats Arlington, a 67-unit luxury apartment building scheduled to deliver this October. Bethesda, MD-based Buvermo Investments is the equity partner in the $25 million development.
Founded in 2009 by industry veterans Richard Hausler and Michael Blum, Insight Property Group has acquired more than 500 existing apartment units and has more than 1,000 units in its development pipeline. The four-story Grayson Flats will be the first completed development project for the Tysons Corner, VA-based company. The company is also plans to build in downtown Silver Spring, MD, and in Alexandria, VA. Two aditional projects -- another development in Arlington and one on H Street, NE in Washington, DC -- will follow after those. Clark Builders Group is the general contractor for Grayson Flats; Bozzuto Management Company will handle leasing and property management. Cardinal Bank provided a $19 million construction loan.
In a separate transaction, Jones Lang LaSalle’s Capital Markets announced it has secured $160 plus million in refinancing of existing debt on behalf of Bainbridge Cos. and The Carlyle Group on the properties The Bennington and Crystal Square. Both of these high rises are located in Crystal City, VA. The Crystal Square property received a $93.1 million loan, while The Bennington secured a $68.3 million loan. The funding came via Freddie Mac’s Capital Markets Execution program. The 19-story, 348-unit Bennington is located at 1201 South Eads St. The 17-story, 378-unit Crystal Square is located at 1515 Jefferson Davis Highway.
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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.
