PGIM Provides $74M Refi on Northern Virginia Apartments
By Andrew Coen December 9, 2024 1:08 pm
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Crimson Partners has sealed a $73.6 million loan to refinance and lease-up a newly completed multifamily building in Northern Virginia, Commercial Observer has learned.
PGIM Real Estate supplied the senior loan on Crimson Partners’ 356-unit Makers Rise apartment complex in Herndon, Va. The financing, provided through PGIM’s core-plus strategy, was led by Trevor Arnholt, executive director at the private lender.
“The property’s strategic location near Washington, D.C., coupled with the area’s thriving job market, positions it as an exceptional opportunity for PGIM Real Estate to provide the necessary capital to ensure its continued growth,” Arnholt said in a statement.
Located at 2311 Dulles Station Boulevard in Fairfax County, the 2023-built property features 5,600 square feet of ground-floor retail space. Community amenities include a pet spa, bike storage, a swimming pool, a fitness center, electric vehicle charging stations and a courtyard. The complex is steps from the Innovation Center metro station that links to Washington Dulles International Airport.
“The building and its residents have brought a new level of vibrancy to the Dulles Station neighborhood, “ Matthew Dougherty, chief financial officer at Crimson Partners, said in a statement.
Dougherty added that Crimson Partners’ next planned multifamily project, a 355-unit building called Frame set to break ground next year, will add momentum to the Herndon area.
Andrew Coen can be reached at acoen@commercialobserver.com
