LCOR Lands $135M Refinancing for NoVA Apartments Near Amazon HQ2
LCOR, a Bethesda, Md.-based real estate company, has completed a $135 million refinancing for Altaire, a 451-unit apartment complex in Arlington, Va.
JLL (JLL) Capital Markets arranged the five-year, floating-rate loan for the company to take out the existing construction loan. The lender was not revealed, but the original construction loan was provided by Wells Fargo back in 2016.
Located at 400 Army Navy Drive in Crystal City, close to Amazon’s HQ2, the property offers studio, one- and two-bedrooms. Amenities include a sky lounge, swimming pool, fitness center, and a courtyard with fire pits and a grilling area. There’s also a pet washing area.
“The competition was fierce for this financing opportunity garnering multiple offers from a variety of lending sources,” Jamie Leachman, JLL’s senior managing director in the D.C. office, said. “Located directly across the street from a major company’s headquarters and with sweeping views of D.C. and Northern Virginia, the Altaire is the pre-eminent multi-housing property in the National Landing submarket.”
Altaire is in close proximity to Reagan National Airport and the Pentagon and offers access to Washington, D.C.
Joining Leachman on the deal was JLL Capital Markets Senior Director Paul Spellman.