WASHINGTON, DC - JLL Capital Markets announced today that it has arranged $34.34 million in financing for the acquisition of The Mark, a 227-unit, mid-rise, value-add multi-housing community located in the Washington, D.C. community of Alexandria, Virginia.
JLL worked on behalf of the borrower, Washington Property Company, to secure a three-year, floating-rate, non-recourse, bridge loan with one-year extensions through MetLife Investment Management.
The Mark contains 34 unrenovated units, 90 partially renovated units and 103 fully renovated units. Unrenovated units offer granite countertops, white appliances, classic cabinetry and tile flooring in kitchens and bathrooms. Fully renovated units include granite countertops, stainless steel appliances, modern cabinetry and hardwood flooring in kitchens and living rooms. The property’s amenities include a swimming pool with an outdoor sundeck, an outdoor lounge and terrace, a grilling patio and fire pit, a lobby with a coffee bar and commuter transit screen, a state-of-the-art fitness center with a private fitness studio, a 24-hour dry cleaning and laundry service, a business center with flexible work-from-home stations, a club room with an expansive bar and a game room.
Situated between I-495 and Duke Street at 100 S. Reynolds St., The Mark offers residents quick access to major employment hubs such as downtown Alexandria, Arlington and Washington, D.C. Providing several transportation options for residents, the property is 1.4 miles from the Van Dorn Metro Station, four metro stops to Ronald Reagan Washington National Airport and one metro stop from the King Street Old Town Metro stop, which also serves as a station for Amtrak and VRE. The community is also just 6.5 miles from Virginia Tech’s new Innovation Campus and four metro stops from the headquarters of a global e-commerce giant. The location is proximate to several retail options at Bailey’s Crossroads, Alexandria Commons, Carlyle Plaza and Hoffman Town Center. Additionally, The Mark is a 0.5-mile walk to Landmark Mall Redevelopment, which, when completed, will consist of a 4.2 million square-foot mixed-use project anchored by Inova Health System hospital.
The JLL Capital Markets Debt Advisory team representing the borrower was led by Senior Director Jimmy Conley and Director Drake Greer.