ARLINGTON, VA–Erkiletian Development Co. has broken ground on The Sur, a 360-unit luxury apartment in Potomac Yard after having secured funding for the $148 million project.
PCCP was one of Erkiletian's key funding sources, providing $35.89 million in preferred equity for the project, which was secured by the HFF team of Walter Coker, Brian Crivella and Susan Carras. US Bank provided the construction loan.
The Sur is incorporating landscaping that is reminiscent of its namesake, which is a rugged stretch of California's central coast. Its outdoor area will have large boulders, moss, forest trees, a fire pit — essentially elements that give the feel of a national park
The 12-story building is situated on a 1.67-acre site at 3400 Potomac Ave., and will include 16,503 square feet of retail space and 25,000 square feet of amenities. Delivery is slated for April 2020.
Stefanie Erkiletian, president of Erkiletian Development Co., said in a prepared statement that once the project delivers “…we will have raised the bar for the multifamily sector not only for this region, but on a national basis as well.”
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.
