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Carr Properties And Barings Secure $84M Construction Loan From Kennedy Wilson For 237-Unit Development

Property Image
FINANCED
$84,000,000

Virginia

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Development Site250,000 SF
Financed 02/04/2025
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Property Image
FINANCED

Carr Properties And Barings Secure $84M Construction Loan From Kennedy Wilson For 237-Unit Development

425 Montgomery Street

See Similar Deals
Development Site250,000 SF
Financed 02/04/2025
the dealplayerscompscontact
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Summary

VIRGINIA
Asset Type:Development Site
Price Per Square Foot:$336
Total Square Footage:250,000 SF
Transaction Type:Loan

The asset involved is a development site located at 425 Montgomery Street in Alexandria, VA. The site spans 250,000 square feet and comprises 237 units. The transaction includes a construction loan of $84,000,000 secured by Carr Properties and Barings from Kennedy Wilson.

Summary of transaction details:

  • Property Type: Development Site
  • Transaction Amount: $84,000,000
  • Address: 425 Montgomery Street
  • Market: Alexandria, VA
  • Asset Size: 250,000 SF
  • Units: 237
  • Lender: Kennedy Wilson
  • Landlord: Carr Properties & Barings
  • Broker: Cushman & Wakefield
  • Loan Type: Construction

Carr Properties and Barings are collaborating on this redevelopment project, which is set to commence next month. Cushman & Wakefield provided advisory services for the financing, following Carr Properties’ previous completion of The Elm in Bethesda in 2021.

Players

Kennedy Wilson
Kennedy Wilson
LENDER

Details

FINANCED
IMAGE: 02/04/2025 ADDRESS: 425 Montgomery Street MARKET: Alexandria, VA ASSET TYPE: Development Site ~ SF: 250,000 ~ UNITS: 237 LENDER: Kennedy Wilson LANDLORD: Carr Properties & Barings BROKER: Cushman & Wakefield LOAN AMOUNT: $84,000,000 LOAN TYPE: Construction NOTE: Carr Properties and Barings secured an $84M loan from Kennedy Wilson for a 237-unit redevelopment at 425 Montgomery Street in Alexandria, VA, set to break ground next month. Cushman & Wakefield advised on financing, and the project follows Carr’s 2021 completion of The Elm in Bethesda.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$84,000,000.00

Monthly NOI$560,000.00
Monthly Debt Service$530,937.14
Change in Cash Flow$0.00
Refinance Proceeds$0.00