FCP & Northwestern Mutual Provide $47.1M Construction Loan For Development Site In Arlington

The property asset involved is a development site located at 685 North Glebe Road in Arlington, VA. This location is set for a two-tower mixed-use project, which will include 553 apartments situated above a 40,000-square-foot grocery store. The loan amount for this construction financing is $47,100,000, provided by FCP and Northwestern Mutual.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $47,100,000
• Lender: FCP & Northwestern Mutual
• Landlord: Insight Property Group & PGIM Real Estate
• Lender's Representative: Michael Zelin, Marshall Scallan & Bindi Shah - Cushman & Wakefield
• Brokers: Brian Crivella, Bill Gribbin & Yalda Ghamarian - Berkadia

The deal showcases a collaborative effort between noteworthy entities, including Insight Property Group and PGIM Real Estate as the developers. The financing was orchestrated through arrangements made by Berkadia and Cushman & Wakefield, highlighting the involvement of skilled professionals in facilitating this significant transaction.