Erkiletian Development Co. has received a $ 141.8 million bridge loan for the recently completed The Sur luxury community in Arlington, Virginia. The property of 360 units innovated at the beginning of 2018, when it also received $ 87.5 million in construction funding from the U.S. bank, according to data from Yardi Matrix.
KKR provided the three-year, non-recourse, interest-only loan with extension options, while Phillips Realty Capital represented the owner. The proceeds will recapitalize construction capital and cover additional rental expenses.
The property is located at 3400 Potomac Ave., on a 1.7 acre site near Washington’s Ronald Reagan National Airport and the Potomac River, while Amazon’s new corporate headquarters is within walking distance. The property is part of the 40-acre National Gateway mixed-use development at Potomac Yard.
Standing over 12 floors, The Sur includes studios, one, two and three bedroom apartments, as well as 16,503 square feet of retail space. Community amenities span 25,000 square feet and include a park, fire pits, fitness and wellness center, and conference center.
The Phillips Realty team included CEOs Adam Bieber and Malcolm Shaw, as well as director Bill Wrench.
Earlier this year, Erkiletian received refinancing for another community in Virginia. Berkadia obtained the loan of 50.6 million dollars for The Asher, a 206-unit community in Alexandria, Virginia.