McLEAN, VA--HFF has secured construction financing for a condo project JBG Cos. is developing in this submarket after keeping it in the planning stages for several years.
Sue Carras, Walter Coker and Brian Crivella arranged a construction loan from EagleBank. Meanwhile joint venture partner Clark Enterprises kicked in some equity. The amounts weren't disclosed and HFF did not return a call from GlobeSt.com to comment.
JBG Cos. broke ground on the 123-unit luxury building, called The Signet, earlier this year. When it delivers in 2018, it will the first single-level condo project in ten years for McLean. It stayed in the planning stages for several years to accommodate the requests of McLean's constituents .
The Signet will be located at 6900 Fleetwood Rd., on an existing surface parking lot next to 6862 Elm St., a 109,000-square-foot office that JBG Cos. also owns.
It will be within walking distance of Downtown McLean's retail and restaurants, and approximately two miles from the McLean Metro station. It will have 108 market-rate condos averaging 1,844 square feet and 15 workforce condominiums averaging 849 square feet, as well as 5,033 square feet of ground-floor retail and a four-level parking garage.
JBG, which is currently waiting to see if its proposed deal to acquire New York REIT will go through, has a construction pipeline consisting of eight assets, a pre-development pipeline consisting of 12 assets and a land bank comprised of 41 future development parcels, according to the filing New York REIT made with the Securities and Exchange Commission.
McLEAN, VA--HFF has secured construction financing for a condo project JBG Cos. is developing in this submarket after keeping it in the planning stages for several years.
Sue Carras, Walter Coker and Brian Crivella arranged a construction loan from EagleBank. Meanwhile joint venture partner Clark Enterprises kicked in some equity. The amounts weren't disclosed and HFF did not return a call from GlobeSt.com to comment.
JBG Cos. broke ground on the 123-unit luxury building, called The Signet, earlier this year. When it delivers in 2018, it will the first single-level condo project in ten years for McLean. It stayed in the planning stages for several years to accommodate the requests of McLean's constituents .
The Signet will be located at 6900 Fleetwood Rd., on an existing surface parking lot next to 6862 Elm St., a 109,000-square-foot office that JBG Cos. also owns.
It will be within walking distance of Downtown McLean's retail and restaurants, and approximately two miles from the McLean Metro station. It will have 108 market-rate condos averaging 1,844 square feet and 15 workforce condominiums averaging 849 square feet, as well as 5,033 square feet of ground-floor retail and a four-level parking garage.
JBG, which is currently waiting to see if its proposed deal to acquire
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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.
