F inancial D igest

M id A tlantic Real Estate Journal — October 22 - November 18, 2021 — 7A


$37.308M financing arranged for new luxury condominiums in Washington, D.C JLL arranges loan for Kite House at The Parks at Walter Reed withinmaster-planned community


metrobus routes. The prop - erty is five miles from both downtown Washington, D.C. and downtown Bethesda and 1.5 miles from downtown Sil- ver Spring. The JLL Capital Markets debt team that represented the borrower was led by senior managing directors Susan Carras and Jamie Leach- man , director Evan Parker and analyst AndrewLewis. “With the closing of Kite House, the development team continues to build out the transformational Parks at Walter Reed project,” said Leachman. “There was sig - nificant 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 prox- imity to the adjacent Whole Foods.” MAREJ

ASHINGTON , DC — JLL Capi- tal Markets has

arranged $37.308 million construction financing for the development of Kite House at The Parks at Walter Reed, a 109-unit condominium devel- opment with 11,000 rentable s/f of ground-floor retail in Washington, DC JLL worked on behalf of the borrower, a joint venture between Hines, Urban At- lantic , and Triden Develop- ment Group , to secure the three-year, floating-rate loan through Bank OZK. Gros- venor Americas provided a mezzanine debt commitment of $21.1 million for Kite House through its Structured Devel- opment Finance program. With first unit deliveries expected in early 2023, sales are planned to begin in Feb- ruary 2022. Kite House will

1115 Dahlia Street

offer one-, two- and three-bed- room units averaging 830 s/f. The community town center, known as the Marketplace, will offer shops, restaurants and retail amenities, includ- ing a Whole Foods Market.

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. The community will include 3.1

million s/f of mixed-use devel- opment across 66-acres. The community is a 10-minute walk to Rock Creek National Park and the Takoma Metro Station, additionally, the property is served by eight

Domenico and Cali of Progress Capital secure $31 Million in refinancing for 240-unit multifamily complex in Hamburg, NJ

saw significant potential in the suburban submarket of Hardyston with its location

HAMBURG, NJ — Brad Domenico and Gabby Cali of Progress Capital se-

in the pictur- esque hi l ls and f a rm- lands of Sus- sex County. Today, the area exhibits an even big- ger appeal, conf i rming

c u r e d a $31,050,000 l oan f o r a client to re- finance Carl - ton Vi l lage Apartments, a multifamily complex lo- cated at 3331 Rte. 94, Hamburg.

Gabby Cali

Brad Domenico

his vision was spot on. “Since Spring of last year, we’ve been seeing an exodus rise coming from residents living in major cities such as Manhattan, Jersey City and Hoboken.” Domenico said. “As the pandemic looms and people continue to work remotely, it’s apparent that most of them are willing to trade the city-life for more living space in locations that aren’t heavily populated and have less overhead.” The 240-unit apartment complex consists of 21 build- ings situated on 37-acres. The unit mix includes (64) studios, (116) one-bedroom units and

The borrower, a seasoned real estate investor with 45 years of investment experi- ence owns and operates in ex- cess of 2,500 units throughout New York and New Jersey. With a keen eye for indemnify- ing undervalued assets and re- positioning them, he has been successful in his strategy of holding such assets in his port- folio for long-term investments for his family-owned business. Carlton Village Apartments, is one investment in which the borrower has owned and man- aged for over 30 years. In 1985, the owner pur- chased the property, as he

Carlton Village Apartments

(60) two-bedroom units, fea- turing private balconies. Ad- ditionally, 475 parking spaces provide ample on-site parking for each tenant. Sussex County is the north- ernmost county in New Jer - sey, part of the New York Metropolitan area and the state’s Skylands Region. Liv- ing in Sussex County offers residents a dense suburban feel. Hardyston Twp. is an absolutely beautiful town surrounded by breathtaking mountains and lakes. The area has little or no crime and

is made up of warm, friendly people who are extremely hospitable. “I believe we are going to continue to see an influx in the greater New York Metropoli - tan areas. We’ve been seeing a lot of deals outside the cities come across our desks as the demand for a more suburban lifestyle grows. City adjacent properties are hot commodi- ties for investors right now. Banks are also seeing the potential in such properties, so arranging financing has gotten a little less difficult.”

Domenico concluded. Since 1990, Progress Capi- tal has closed over $40 Billion in commercial loans and $150 Million in directly funded bridge loans. As a commercial real estate advisory firm, we can advise you on any real estate investment you are considering and provide the financing advice you need to manage through the com- mercial real estate acquisition and/or financing process. We consistently get our clients to the closing table… plain and simple! MAREJ

Made with FlippingBook - Online Brochure Maker