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PRP Secures $80M in Financing for Office to Residential Conversion in DC
D.C.-based developer PRP has secured $80 million in financing for an office-to-residential conversion in Alexandria. The planned $81 million project will convert a 12-story, 209,000-square-foot office building into an apartment community.
PRP raised the funds through a combination of sources. The developer secured $27 million crowdfunding equity from Crowdstreet, a crowdfunded real estate investing platform. Additionally, PRP secured a $53 million loan from Pac West Bank that closed at the same time as the online equity.
Located at 4900 Seminary Rd., the property is adjacent to Mark Center, one of Northern Virginia’s largest employment centers, as well as being nearby the Pentagon and Amazon’s HQ2. The redevelopment of the property will include 213 market-rate rental units. Amenities will include concierge with package room, casual lounge, library and screening room as well as firepits and deck.
The project is located within a federal opportunity zone. Initial occupancy is expected in Q4 2021.
For comments, questions or concerns, please contact David Cohen
- ◦Financing
- ◦Development
