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JLL Secures $37M Construction Loan for D.C. Condo Project
JLL has arranged a $37.3 million construction loan for the development of Kite House at The Parks at Walter Reed, a 109-unit condominium development with 11,000 rentable square feet of ground-floor retail in Washington, D.C.
With first unit deliveries expected in early 2023, sales are planned to begin in February 2022. Kite House will offer one-, two- and three-bedroom units averaging 830 square feet. The community town center, known as the Marketplace, will offer shops, restaurants and retail amenities, including 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.
Susan Carras, Jamie Leachman, Evan Parker and Andrew Lewis of JLL worked on behalf of the borrower, a joint venture between Hines, Urban Atlantic, and Triden Development Group, to secure the three-year, floating-rate loan through Bank OZK. Grosvenor Americas provided a mezzanine debt commitment of $21.1 million for Kite House through its Structured Development Finance program.
- ◦Development
