Construction is underway on a 452-unit apartment building next to the Vienna Metro station after developer Insight Property Group secured financing.
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Insight has obtained $174.6M for its planned multifamily redevelopment of the Hunters Branch office park, the developer told Bisnow. The project will sit on a 14-acre site at 9300 and 9302 Route 29.
Insight said it got a $107.7M loan from CIBC Bank USA and Citizens Bank and that the rest of the capital stack is equity from itself and its investment partner. Berkadia's Brian Gould and Brian Crivella arranged the loan and limited partner equity financing, Gould told Bisnow.
In addition to the multifamily units, the development is also slated to include 76 townhouses. Homebuilder Toll Brothers, which closed on its purchase of a portion of the site for $17M in March, is developing that aspect of the project.
Construction on the townhomes is slated to start next spring, with deliveries to begin in winter 2028, Dan Stebbins, Toll Brothers' director of land acquisition, told Bisnow.
Fairfax County planners approved Insight’s multifamily and townhome plans for the development last June, but the townhome builder wasn't disclosed at the time. Insight had purchased the entire site half a year earlier for $28.9M.
Insight plans to preserve the 656-unit parking garage located at the site and agreed as part of securing approvals to improve pedestrian paths, trees and lighting surrounding the site, FFXnow reported at the time.
In a release shared with Bisnow, Insight said Hunters Branch is its third office-to-residential project in the region. It completed The Wray, a 158-unit development that opened near Foggy Bottom, in 2021, and a 334-unit Whole Foods-anchored community in Falls Church called Broad & Washington.
It has two more projects under contract, and it’s on the hunt for additional opportunities. Insight recently tapped Patrick Sullivan, who previously spent over a decade at MRP Realty, as director of acquisitions, according to Sullivan's LinkedIn profile.
“We are proud of our team’s persistence, creativity, and discipline as we continue to pursue growth in important residential communities in challenging and uncertain economic conditions,” Insight Managing Principal Trent Smith said in the company's release.
“Our strong partnerships and deep roots in the Washington region position us to uncover and execute on opportunities others may overlook," he said.
UPDATE, MAY 18, 6:10 P.M. ET: The story was updated with a detail from Berkadia about the loan.
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