Alexandria Apartment Redevelopment Wins Equity Financing, Construction Loan
- Mar 24, 2016
Alexandria, Va.—MAC Realty Advisors LLC, on behalf of Foulger-Pratt, placed a $40 million joint venture equity investment from a U.S.-based private equity real estate fund and a $93.5 million construction loan from a national lender for The Thornton in suburban Washington, D.C. The property will be a 439-unit apartment community in Alexandria, Va.
The Thornton is the redevelopment of a 1940s low-rise garden apartment on a 6.8-acre waterfront site. Through a multi-year re-planning and entitlement process, Foulger-Pratt was able to triple approve density on the site while maintaining its historic architectural design. That’s a required by a number of entities, including the City of Alexandria, its Board of Architectural Review, and the even the National Park Service, which oversees the site’s frontage along the historic George Washington Parkway, built in 1932.
Alexandria’s City Council has plans to revitalize the Old Town Waterfront and enhance its connection to other neighborhoods. The Thornton is part of this plan, allowing for pedestrian and bike linkages into Old Town and its central commercial arteries, as well as nearby recreational opportunities.
According to the developer, there will be a boardwalk that encircles the property, reinforcing the natural surroundings of the site; a pool overlooking the Cameron Run; an on-site kayak storage for residents; and residents will enjoy access to the adjacent Mount Vernon Trail, an 18-mile paved trail popular with cyclists, runners and walkers.
Common amenities will include concierge services, a fitness center with yoga studio, business center, bicycle storage and repair center, library, resident clubroom and pet washing facilities. Foulger-Pratt will deliver the apartments by the spring of 2018. Bruce Levin, Andrew McAllister, Warren Dahlstrom, and Caren Garfield led the placement effort for MAC.