Monday Properties Secures $67M Loan for Multifamily Development in NoVA
Monday Properties has received $66.8 million in construction financing from EagleBank to transform 2000 North Beauregard in Alexandria, Va., into a new 300-unit multifamily apartment building.
“This development will provide accessible luxury, offering the same Class A amenities and finishes for that you would find downtown at a better value and in a convenient location while supporting our growing community,” Frank Craighill, Monday Properties’ vice president of development, told Commercial Observer. “This project will help meet a critical need for new housing in the region and we’re optimistic that this project will catalyze further development in the area.”
The property will include a 420-space parking garage and boast resort-style amenities including a bar that opens to an outdoor terrace, a club and game room. It will also feature dedicated co-working space and conference facilities.
“Both EagleBank and Monday Properties share the same commitment to enhancing communities, and we are confident that the asset is well positioned to capitalize on the continued growth of this submarket,” Bryan Leigh, EagleBank’s senior vice president of commercial real estate, told CO. “This transaction is a great example of our local presence and relationships, as we were able to assist a group of well-seasoned real estate developers in a challenging financing environment.”
The development, located at the intersection of Seminary Road and North Beauregard Street, is walking distance to The Shops at Mark Center, which features a Starbucks, CVS and several restaurants.
“2000 North Beauregard is located in a prime walkable area and boasts easy access to I-395,” Craighill said. “Future residents will enjoy their five-minute drive to the Pentagon, Amazon’s future headquarters in National Landing, VA Tech’s Innovation Campus, Reagan National Airport and the 15-minute commute to Capitol Hill.”
The development is expected to be complete in 2022.