TYSONS, VA–The Meridian Group has secured a $22.9 million mezzanine loan to finance the development of a 25-story, 140-unit luxury condo that is currently under development at The Boro, its 15-acre, 4-million square foot project here.
Los Angeles-based Canyon Partners Real Estate provided the financing for the condo, which Meridian is calling Verse. Verse is the first substantial condominium development in Tysons since One Park Crest delivered in 2008. “With this project, we hope to provide the community with a best-in-class product to meet the growing and pent-up demand for modern, luxury condominiums in Tysons, Meridian Group CIO Gary Block said in a prepared statement.
The project is expected to deliver in late 2019.
This summer the Meridian Group struck another financial arrangement, this time with the New York City-based Rockefeller Group. The two companies formed a JV to co-develop a 20-story, 437,000-square-foot trophy office at The Boro development. It was a significant deal for the Rockefeller Group, as it represents both the company's largest ground-up office development outside New York and its first in Washington, DC.
The Boro is located directly across from the Silver Line's Greensboro Metro Station. The first phase, which broke ground last year, will consist of 1.7 million square feet of mixed-use development, including 677 residential units, 500,000 square feet of office space and 260,000 square feet of retail space anchored by a 69,000 square foot Whole Foods Market as well as a 79,000 square foot ShowPlace ICON Theatre.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
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.
