Sorrento
RESTON, VA—Woodfield Development has secured a construction loan through PCCP, LLC and joint venture equity from German American Realty for a 306-unit multifamily housing community here.
“This project represents an attractive opportunity for PCCP to lend to a highly institutional and experienced partnership in a well-located and affluent D.C. suburb,” said Ryan Dodge, vice president with PCCP. He also said that the project will have a price point that is less than nearby markets.
JLL's Walter Coker, Brian Crivella, Jamie Leachman and Evan Parker arranged the financing.
The complex is called the Sorrento and is located at 1950 Roland Clarke Pl. along the Dulles Toll Road. It will be within walking distance of the existing Wiehle-Reston East Metro Station and the future Reston Town Center Metro Station. It is expected to deliver in 2021.
Thirty-seven of the units will be designated as workforce housing.
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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.
