Monday Properties Closes Financing To Begin Construction On Alexandria Apartment Building
The coronavirus pandemic has not stopped developers from starting new D.C. projects, with the latest groundbreaking coming in western Alexandria.
The project is planned to include 300 units in six to seven stories of wood-frame construction atop a two-level concrete podium. The apartments will be wrapped around an internal, 420-space parking garage.
The site, near the intersection of Beauregard Street and Seminary Road, previously housed an aging office building. Monday Properties acquired it in 2017 and received Alexandria City Council approval for the conversion in May 2019.
The property is located in an opportunity zone, and Monday Properties brought on an equity partner that will benefit from the federal tax incentive program. Through a spokesperson, Monday declined to disclose the name of the partner.
EagleBank Senior Vice President Bryan Leigh originated the loan. It is the latest in a series of D.C.-area projects the bank has financed during the pandemic, including projects in Greenbelt, Deanwood and Northwest D.C. Several additional projects have received financing and broken ground in recent months, as D.C.-area jurisdictions allowed construction to continue during stay-at-home orders.
Monday Properties is also planning to replace two Rosslyn office buildings with multifamily towers. The developer owns a large portfolio of office buildings in the Rosslyn area, including the 1812 North Moore tower that landed Nestlé in 2017.
“This project will help meet a critical need for new housing in the region, and we could not be more pleased to have closed our financing and started construction on this exciting development,” Monday Properties Vice President of Development Frank Craighill said in a release. “We’re optimistic that this project will catalyze further development in the area and are proud to deliver new, Class-A apartments to residents in early 2022.”