Jair Lynch is ready to start construction on its redevelopment of the Heritage at Old Town apartments in Alexandria after landing a financing package for the first phase.
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The $160M first building, known as Block 4, will include 210 market-rate units and 100 affordable apartments.
Jair Lynch acquired the site at 505 S. Alfred St. from Asland Capital Partners in 2021 after Asland entitled the site for more than 700 apartments. Jair Lynch kicked off construction this week after landing $122M in outside financing.
The project will be backed by $22M in low-income housing tax credit equity provided by Truist Community Capital and $100M in Freddie Mac permanent financing, arranged by Truist Bank subsidiary Grandbridge Real Estate Capital. It also received $38M in tax-exempt bond financing from the state, the Washington Business Journal reported in March.
Jair Lynch affiliates provided equity and financing for the project, and Asland remains an investor in the deal. Construction is expected to last 27 months. It is part of the nearly 600-unit Phase 1 of the development.
Another 288 units are planned for the second building in the first phase. Phase 2 is expected to bring in another 152 units.
LEASES
Zippy Shell inked a 30K SF lease in Woodbridge to move from the Dulles area. The portable storage and moving company's deal brings the newly constructed 95 East Distribution Center at 13600 Dabney Road, owned by Cannon Hill Capital Partners and The Pinkard Group, to fully leased. The rest is leased to Goodwill Industries. Zippy Shell plans to move to the building by the third quarter. Stream Realty Partners' Caulley Deringer, Steve Cloud and Andrew Hassett represented the owners, and Larsen Commercial’s Dan Brennan represented Zippy Shell.
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Six new retailers signed leases at Comstock’s Loudoun Station, the landlord’s broker, Willard Retail, told Bisnow this week. On Friday, it closed a deal to bring Southern restaurant Julep Kentucky Tavern to the 6K SF former Blackfinn Ameripub space at the center, Willard Retail principal Chris Wilkinson said. Julep was represented by Cushman & Wakefield.
The five others were all signed in the past two months. Dogtopia is taking 6K SF, Starbucks will open a 2K SF coffee shop, and Curry Pizza House is making its D.C.-area debut with a 2K SF lease. Greenheart Juice and paint-and-sip concept Hawaii Fluid Art are also taking about 2K SF each. Rappaport represented Curry Pizza House, and KLNB represented Greenheart Juice. Loudoun Station's 200K SF of retail is now 90% leased, Wilkinson said.
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Compass Coffee inked a new location at Metro Center. The local chain took 2K SF at MEAG’s Columbia Square at 555 13th St. NW, the brokerage announced. The spot was formerly occupied by French bakery Paul. Compass Coffee moved in this month to kick off the 10-year term. Miller Walker represented the landlord, and Dochter & Alexander represented Compass Coffee.
MILESTONES
The Washington Metropolitan Area Transit Authority has selected Hines to develop a mixed-use life sciences district next to the North Bethesda Metro station. WMATA put out a request for qualifications in July for a developer to bring to life its vision of between 2M SF and 3.7M SF of office, retail, housing and public spaces on the 13.9 acres of land.
WMATA said Monday that it selected Hines from six proposals it received in October. Hines still has to enter into a joint development agreement with WMATA and plans to bring the plans to its board of directors later this year.
PERSONNEL
Standard Communities has hired Caitlin Gossens as a vice president and head of capital markets for its new construction team. Based in D.C., Gossens will lead the team focused on using 4% low-income housing tax credits for new affordable construction and oversee all aspects of the financing process. She was previously an executive director at JPMorgan Chase’s Community Development Division.
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