Jones Lang LaSalle Inc.

09/16/2021 | Press release | Distributed by Public on 09/16/2021 09:16

$30.855M financing arranged for new co-living multi-housing development in Washington, D.C.

WASHINGTON, D.C., September 16, 2021 - JLL Capital Markets announced today that it has arranged $30.855 million construction financing for the development of 1115 Dahlia Street at The Parks at Walter Reed ('1115 Dahlia Street'), a 248 bed, 60-unit, purpose built co-living multi-housing development with 21,000 square feet of ground-floor retail in Washington, D.C.

JLL worked on behalf of the borrower, a joint venture between Hines, Urban Atlantic, Triden Development Group and Bridge Investment Group, to secure the three-year, floating-rate loan with two one-year extension options through Santander Bank NA and TriState Bank.

1115 Dahlia Street will offer fully furnished two-, three-, four- and five-bedroom units averaging 1,397 square feet. The property will be managed by Common Co-Living offering online payments; 24/7 support via phone, email and text; digital locks with smartphone interface; a repair and maintenance team; and comprehensive financial reporting. 1155 Dahlia Street is one of three buildings that comprise the vibrant Parks Market Place that will offer shops, restaurants and retail amenities, including a 60,000 square foot Whole Foods Market. The Parks Market Place will feature a fountain/splash pad, public art, landscaped areas, seating and dining tables and fire pit and lounge area. The community will also host movies, farmers markets, concerts, food truck rallies, group fitness classes and ice rink and holiday tree lighting.

Located at 1155 Dahlia St., the upscale co-living project is located within The Parks at Walker Reed master-planned community. The community will include 3.1 million square feet of mixed-use development across 66-acres. The community is a 10-minute walk to Rock Creek National Park and the Takoma Metro Station, additionally, the property is served by eight metrobus routes. The property is five miles from both the Washington, D.C. CBD and downtown Bethesda and 1.5 miles from downtown Silver Spring. Additionally, the community is three miles from Capital Beltway (Interstate 495) offering direct access to the entire Washington, D.C. and Baltimore metropolitan region and rail connections such as Amtrak, MARC and VRE trains.

The JLL Capital Markets debt team that represented the borrower was led by Senior Managing Directors Susan Carras and Jamie Leachman, Director Evan Parker and Analyst Andrew Lewis.

'1115 Dahlia Street will be one of the largest purpose built co-living projects in Washington, DC and the first within The Parks at Walter Reed,' said Leachman. 'This emerging asset class will provide residents yet another Class A yet cost efficient option for residents who will also be able to enjoy all the benefits that come with living within this premier master planned development.'

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients - whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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