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Carr Properties Closes Financing of $131M Residential Project in Alexandria
Carr Properties has closed on an equity joint venture with Barings to develop 425 Montgomery Street, a $131 million residential project located in Alexandria, Virginia.
The partnership subsequently closed on a $84 million construction loan for the project with real estate investment firm Kennedy Wilson. Cushman & Wakefield served as advisor for both the equity and debt financings.
425 Montgomery was home to a vacant office building, which is being transformed by Carr into a 250,000-square-foot residential apartment property comprised of 237 residential units. Standing eight stories tall, the development will offer studio to three-bedroom units, and the entire project is expected to be complete by late 2026.
“Through our strong partnerships with Barings and Kennedy Wilson, we look forward to delivering a premier residential apartment community which combines elegant design with sustainable features that will contribute to Alexandria’s continued growth and vibrancy,” said Oliver Carr, CEO of Carr Properties.
