Ballston Project At Former Macy's Lands Financing: The D.C. Deal Sheet
A 553-unit apartment complex at the site of the former Macy’s in Ballston has received financing.
FCP provided $47M in preferred equity for Insight Property Group and PGIM’s project next to the Ballston Quarter mall, the Chevy Chase-based company announced in a release. Northwestern Mutual provided a senior loan, but the value of that loan and the total development cost weren't disclosed.
The Mira and Ador towers at 685 N. Glebe Road are set to include a 40K SF grocery store.
FCP Senior Vice President Billy Herbert said in the release that his firm has worked with Insight on two prior projects and is "thrilled" about the partnership.
Berkadia’s Brian Crivella, Bill Gribbin and Yalda Ghamarian arranged the preferred equity investment on behalf of the developers. Cushman & Wakefield’s Michael Zelin, Marshall Scallan and Bindi Shah arranged the senior loan.
LEASES
Tishman Speyer has signed more retailers at its Mazza Gallerie mixed-use redevelopment in Friendship Heights. T.J. Maxx, a longtime tenant of the mall, reopened its 41K SF in August. Total Wine & More plans to open a 29K SF store this fall. Wonder, a food hall that has at least 10 more locations planned across the D.C. area, is opening in 3K SF in 2026. Also coming next year are Inspire Nail Bar and an unnamed fast-casual salad concept.
FINANCING
Penzance secured a $100M construction loan for a Chantilly data center that is fully leased to unnamed tenants. Vancouver-based QuadReal Property Group provided the financing for the project, called Chantilly Premier, the company announced. Cushman & Wakefield’s Marshall Scallan, Michael Zelin and Bindi Shah represented Penzance to secure the financing.
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Paradigm Development Co. has secured an $84M refinancing loan on its 369-unit high-rise in Alexandria, Berkadia announced. The provider of the loan wasn't disclosed. Meridian at Eisenhower Station at 2351 Eisenhower Ave. was built in 2007. The loan is for a 10-year term, and the proceeds will be used to retire the existing first mortgage and return equity to the sponsor to reinvest in the asset, according to a news release. Berkadia’s Patrick McGlohn, Patrick Cunningham, Brian Gould, Hunter Wood and Natalie Hershey arranged the financing.
MILESTONES
D.C. elected officials, developers and residents cut the ribbon Friday on the 142-unit affordable Park Morton Apartments near Georgia Avenue, just north of McMillan Reservoir. The development is the first phase of the three-phase, $200M Park Morton redevelopment, expected to deliver 456 units and 4,500 SF of retail and community space. The project is part of the New Communities Initiative, which aims to transform distressed public housing into mixed-income communities. Dantes Partners and The Community Builders are the developers.
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JK Land Holdings broke ground this week on an 86K SF warehouse in Leesburg. The flex/industrial project is on the site of the demolished Westpark Hotel and golf course. The development, set to deliver in 2027, is expected to contribute more than $100K annually in real estate taxes to the town of Leesburg and support more than 100 jobs, according to a news release. Chuck and Stacy Kuhn purchased the 143 acres in late 2020. Loudoun County purchased the remaining 134 acres in August for $3.8M, a property it plans to preserve for park uses.
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Virginia's first Ritz-Carlton Residences is set to land in Tysons. Renaissance Centro unveiled plans to build a 102-unit condo tower adjacent to the Tysons Corner Ritz-Carlton and Tysons Galleria, Renaissance Centro announced. The units start at $1M. FXCollaborative is the architect. Construction is set to begin next year, and delivery is projected for late 2028.
