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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