Orr Partners Secures $60M Construction Loan From Pacific Life For Clarendon Apartment Project

The property asset involved in this transaction is a development site located at 1020 North Irving Street in Arlington, VA. This asset will host a 231-unit apartment project, which is part of a total development cost of approximately $100 million. The project retains the former Joyce Motors facade near the Clarendon Metro station.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $100,000,000
• Lender: Pacific Life
• Landlord: P&H Investments
• Developer: Orr Partners
• Loan Amount: $60,000,000
• Loan Type: Construction

The deal involves key parties such as Orr Partners, which is the developer responsible for the project, and P&H Investments, the landlord collaborating in this joint venture. The construction loan from Pacific Life will support the development of the apartment complex, which aims to enhance the local residential offerings near the Clarendon area.