Rockville-based developer Duball has secured construction financing for its 150-unit office-to-residential conversion near McPherson Square.
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Eagle Bank originated a $58.6M loan for the project, Duball President Marc Dubick told Bisnow in an email. The financing was also recorded last month in D.C. deed records.
In July, Duball and an unnamed institutional partner paid $23.1M in cash for the 160K SF office building at 1090 Vermont Ave. NW, with plans to convert it into apartments with ground-floor retail, Bisnow first reported.
Dubick said this week that the debt and equity for the $100M project have been secured, and the developer plans to begin physical improvements to the property in the next 45 to 60 days.
LEASES
Middleburg Communities is moving its Vienna headquarters to Tysons after signing a 27,800 SF lease at Lerner Enterprises’ 1800 Tysons Blvd., the company confirmed to Bisnow. The new location will be closer to Middleburg’s partners and investors and will “make it easier for our people to get to work,” CEO Chris Finlay said in an email. Middleburg’s current headquarters is at Fortress Investment Group’s 1921 Gallows Road in Vienna.
MILESTONES
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The National Real Estate Advisors and the Bowser administration celebrated the grand opening of a 157-unit office-to-residential conversion in the Dupont Circle neighborhood. Aviator House includes 16 affordable units and is one of the first projects to receive D.C.’s Housing in Downtown 20-year tax abatement. The property at 1625 Massachusetts Ave. NW was formerly the headquarters of the Air Line Pilots Association.
SALES
Fairfax County’s housing authority bought 2 acres of land near the Innovation Center metro for $23M, with plans to build up to 400 units of affordable housing. Allen & Rocks was the seller. The site is part of the Tysons-based company's 12.5-acre planned development called Innovation Center South. Fairfax didn’t disclose a development partner but said the project is expected to take several years to complete.
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An affiliate of Chevy Chase’s Rockwater Ventures bought a vacant lot near Union Station for $4M from Kaiser Foundation Health Plan Inc. and is evaluating potential options for the site, the Washington Business Journal reported. The vacant property has an assessed value of $34.6M for 2027, according to WBJ. The site was formerly home to an 81K SF medical office building that Kaiser occupied but was demolished in 2023.
Emily Wishingrad contributed reporting.
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