Avison Young Arranges $16M Refi for VA Community
- Jul 12, 2018
Lyon Village Apartments, a 109-unit community in Arlington, Va., has received a $15.7 million loan for refinancing and renovation purposes. Avison Young arranged the long-term 20-year loan, with John Hancock as the lender.
The infill garden-style property is located at 3004 Lee Highway, near the intersection of Route 29 and Interstate 66. Downtown Washington, D.C. is roughly a 10-minute drive away, while Lyon Village Shopping Center is across the street.
According to Yardi Matrix, the property features 55 one- and 54 two-bedroom units. Built in 1939, the property underwent renovations in 2002. Three metro stations are situated within a 1-mile radius of the community, while an on-site Metrobus stop is available for tenants.
The Avison Young team representing the borrower included Principals Mike Yavinsky, Wes Boatwright and Jon Goldstein, as well as Senior Associate Clayton Pristou. In March, Avison Young facilitated the sale of another community in the D.C. area. Mount Vernon Nursing & Rehab Center traded in a $13 million deal.
“This financing opportunity represented a very compelling opportunity for lenders because this property enjoys one of the most accessible and convenient locations in the Arlington area, has generational ownership, is well maintained and has demonstrated a long track record of success,” said Yavinsky, in a prepared statement.
Image courtesy of Avison Young