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PGIM Real Estate Provides $74M Senior Loan for Virginia MF
PGIM Real Estate has provided a $73.6 million senior loan on behalf of its core-plus strategy to Crimson Partners for the refinancing and lease-up of a multifamily property in Herndon, Virginia.
The property, Makers Rise, is a 2023 vintage, 356–unit, midrise multifamily property with 5,600 square feet of ground-floor retail. “The building and its residents have brought a new level of vibrancy to the Dulles Station neighborhood, and we plan to grow this vibe even further with our next project, Frame, which will break ground in 2025,” said Matthew Dougherty, Chief Financial Officer at Crimson Partners.
Makers Rise is located offers easy access to the Dulles Tech Corridor, Dulles Airport, and Reston Town Center. “The property’s strategic location near Washington, D.C., coupled with the area’s thriving job market, positions it as an exceptional opportunity for PGIM Real Estate to provide the necessary capital to ensure its continued growth,” said Trevor Arnholt, Executive Director at PGIM Real Estate.
