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PRC Secures $142M Bridge Loan for Arlington Apartments

Phillips Realty Capital has secured a $141.8 million bridge loan on behalf of client Erkiletian Development Co. to recapitalize The Sur, a recently delivered, 360-unit apartment community in the National Landing submarket of Arlington.

Situated nearby Amazon’s HQ2 and Virginia Tech’s Innovation Campus in Potomac Yard, the 12-story community is located at 3400 Potomac Ave. Amenities include an outdoor park with a tree-filled grove, outdoor handcrafted nests to relax in, firepits, abstract Redwood trees with hanging basket chairs, a Zen garden, a fitness and wellness center and yoga meditation pod as well as a rooftop with tranquil water features and cabanas.

Adam Bieber, Malcolm Shaw and Bill Wrench of PRC secured the financing on behalf of Erkiletian Development Co. through global investment firm KKR. The loan was structured as a three-year, non-recourse, interest-only bridge loan with extension options. Proceeds will be used to recapitalize the construction capital stack with reserves funding additional lease-up costs.

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About David Cohen

David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector. Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA. David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.

  • ◦Financing
  • ◦Development
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