Fundrise Secures $30M Refi for NoVA Property Primed for Redevelopment
The 14-acre property in Alexandria is fully entitled for more than 3 million square feet of mixed-use space
By Nick Trombola June 3, 2025 2:13 pm
reprints
A real estate online investment company has for years envisioned a massive redevelopment project on 14 acres in Northern Virginia. A new refinancing package tied to the property brings that project one small step closer to reality.
Washington, D.C.-based fintech company Fundrise has landed a $30 million refinancing loan toward Carlyle Corner, a 268,472-square-foot commercial complex just one block from the Eisenhower Avenue Metrorail station in Alexandria, Va. MVB Bank provided the three-year loan. The property is entitled for over 3 million square feet of redevelopment.
Berkadia’s Brian Gould and Pat Cunningham arranged the deal on behalf of Fundrise.
“The lender recognized the strength of the asset’s location as one of the premier future development sites in the Washington, D.C., metro market,” Gould said in a statement.
Launched in 2012, Fundrise is an online platform for investors to pool money into funds that invest in commercial and residential properties. Fundrise’s platform boasts over 385,000 active investors and a total portfolio value of over $7 billion, according to its website. The company in 2020 acquired the 14-acre site from Perseus Realty and ELV Associates for $75 million, via a mix of equity and a $38.5 million senior loan from Citizen’s Bank.
Carlyle Corner currently hosts a range of retail, office and industrial tenants, including Foster’s Grille, Zikrayet Lebanese Restaurant and Lounge and Allied Universal Security Services. Fundrise plans to maintain the current spaces on the property until “the opportune time to commence the first phase of redevelopment,” per Berkadia.
A spokesperson for Fundrise declined a request for further comment.
Nick Trombola can be reached at ntrombola@commercialobserver.com.
