FCP has provided $47.1 million in capital through its structured investments platform to finance the construction of a mixed-use development comprised of 553 luxury apartments, Mira and Ador, in two adjacent towers, anchored by an approximately 40,000 square foot grocery store in Arlington, Virginia.
The development, located at 685 N. Glebe Road, adjacent to the Ballston Quarter shopping mall, is being developed by Arlington-based Insight Property Group in partnership with PGIM. Senior Managing Director Brian Crivella and Managing Directors Bill Gribbin and Yalda Ghamarian of Berkadia DC Metro arranged the preferred equity investment on behalf of the development team. Michael Zelin, Marshall Scallan, and Bindi Shah of Cushman & Wakefield arranged the senior loan. Bill Collins, Paul Norman, and Shaun Weinberg of Cushman & Wakefield arranged the land sale.
“This asset will provide exceptional access to its residents with an abundance of amenities within walking distance and connections to employers and key Washington, DC MSA regional destinations through the nearby Ballston-MU Metrorail station,” said FCP Senior Vice President, Billy Herbert.
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