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| Susan Carras |
WASHINGTON, DC– JLL Capital Markets has arranged $37.308 million construction financing for the development of Kite House at The Parks at Walter Reed, a planned 109-unit condominium development with 11,000 rentable square feet of ground-floor retail in Washington, D.C.
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| Jamie Leachman |
JLL worked on behalf of the borrower, a joint venture between Hines, Urban Atlantic, and Triden Development Group, to secure the three-year, floating-rate loan through Bank OZK.
The JLL Capital Markets debt team that represented the borrower was led by Senior Managing Directors Susan Carras and Jamie Leachman, Director Evan Parker and Analyst Andrew Lewis.
Grosvenor
Americas provided a mezzanine debt commitment of $21.1 million for Kite House
through its Structured Development Finance program.
With first unit deliveries expected in early 2023, sales are planned to begin in February 2022.
Kite House is located at the intersection of Georgia Ave. NW and Elder St. NW, in the northern sector of The Parks at Walter Reed master-planned community.
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| Andrew Lewis |
Aditionally, the property is served by eight metrobus routes. The property is five miles from both downtown Washington, D.C. and downtown Bethesda and 1.5 miles from downtown Silver Spring.
Additionally, the
community is three miles from Capital Beltway (Interstate 495) offering direct
access to the entire Washington, D.C. and Baltimore metropolitan region and
rail connections such as Amtrak, MARC and VRE trains.
“With the closing of Kite House, the development team continues to build out the transformational Parks at Walter Reed project,” said Leachman.
“There was
significant interest from the lending community with the recent success of the
first condo project within The Parks at Walter Reed, The Brooks, as well as the
proximity to the adjacent Whole Foods.”
CONTACT:
Cierra
Lacasse
JLL Associate
Public Relations
Phone: +1
602 648 8701
Email: Cierra.Lacasse@am.jll.com
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