14A —December 8 - 21, 2017 — DelMarVa — M id A tlantic
Real Estate Journal
D el M ar V a Project currently under construction at The Boro, Meridian’s 15-acre, 4 million s/f mixed-use in Tysons Canyon Partners Real Estate makes $22.9m investment to develop luxury condominiums T ysons, VA — Can- yon Partners Real Estate LLC (Canyon) demand for modern, luxury condominiums in Tysons.”
over $1.4 billion since inception to condominium projects na- tionwide through senior loans, mezzanine loans, preferred equity and equity, facilitating over $3.9 billion of total project capitalizations. “We are excited to be working with Canyon on Verse, given Canyon’s extensive experience financing and investing in condominium projects across the United States,” said Gary Block , CIO of The Meridian Group. “With this project, we hope to provide the community with a best-in-class product to meet the growing and pent-up
500,000 s/f of office space and 260,000 s/f of destination retail space anchored by a 69,000 s/f Whole Foods Market, which is the largest in the region, as well as a 79,000 s/f ShowPlace ICON Theatre with 15 screens, reserved seating, and food and bar areas. Verse is the first substantial condominium development in Tysons since One Park Crest delivered in 2008 and its 140 residential units will offer ex- cellent views. Residences will average 1,335 s/f and feature 10’ ceilings, hardwood flooring, Quartz countertops and high- end stainless-steel appliances. In addition to an assortment of amenities including 24-hour concierge services, a fitness center, a clubroomwith double- height ceilings and a private all-season terrace, Verse will have a swimming pool and a one-acre skypark featuring a lawn area, courtyards, outdoor kitchen and fire pits. Select units will also have unique features including balconies, double ovens, and wine refrig- erators. The project is expected to deliver in late 2019. n Greysteel arranges sale of a 150-unit multifamily community located in Dundalk, MD D u n d a l k , M D — Greysteel , a national com- mercial real estate investment services firm, has arranged the sale of Portside Apartments, a garden-style multifamily com- munity located in Dundalk. Greysteel president & CEO, Ari Firoozabadi ; senior in- vestment associates, Alicia Orkisz and Ari Azarbarzin and investment associate, Hen- ry Mathies negotiated the sale on behalf of the seller, a local private investor, and the buyer, Matt Teichman , principal of BCI Management . The 150-unit Property is lo- cated off of Dundalk Ave. Port- side Apartments was placed- in-service under the Section 42 Low Income Housing Tax Credit program in 2007 and has benefited from a comprehensive rehab to units and capital items such as electrical systems, converting heating/cooling to individual HVAC units, build- ing a new multi-purpose room, computer lab, and outdoor com- munity space. n
Verse is located within Me- ridian’s transformative, mixed- use development known as “The Boro,” a transit-oriented multi-phase development lo- cated directly across from the Silver Line’s Greensboro Met- ro Station. When fully built out, The Boro will contain 4 million s/f of office, residen- tial, retail, entertainment and public space. The first phase, which broke ground in 2016, will consist of 1.7 million s/f of mixed-use development, in- cluding 677 residential units,
has provided a $22.9 million mezzanine loan to an affiliate of TheMeridianGroup (Merid- ian) to finance the development of Verse, a 25-story, 140-unit luxury condominium project currently under construction at The Boro, Meridian’s 15-acre, 4 million s/f mixed-use, multi- phase development in Tysons. Canyon’s experience as a capital provider across asset classes includes a long history in residential condominium
Verse Rendering investing, having committed
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