Jefferson Apartment Group Completes $65M Refi in Arlington

Tellus Apartments, a LEED Gold, mixed-used residential community in Arlington, Va., has been refinanced with a $65 million loan.

Arlington, Va.—Jefferson Apartment Group has obtained a $65 million refinancing loan for Tellus Apartments, a LEED Gold, mixed-use high-rise community in Arlington, Va.

Tellus Apartments in Arlington, Va.

Tellus Apartments in Arlington, Va.

The 16-story property consists of 254 luxury apartments with 11,800 square feet of retail. The project was developed by Jefferson Apartment Group and Erkiletian Real Estate Services and is managed by JAG Management Co.

Financing was provided by Teachers Insurance Annuity Association (TIAA). HFF worked on behalf of the borrower to place the 15-year loan.

“This loan replaces our construction loan and gives us excellent long-term financing,” said James Duncan, CFO at Jefferson Apartment Group. “This is consistent with our strategy to continue to build a portfolio of well-located assets.”

Completed in 2014, Tellus Apartments is located in a pedestrian-friendly neighborhood in the bustling Rosslyn-Ballston Corridor. The property is two blocks from the Courthouse Metro (Orange and Silver lines), providing an easy commute to downtown Washington, D.C. and the Northern Virginia area, including Tysons Corner and points west. Residents also have easy access to numerous shopping, dining and entertainment options.

Amenities include a rooftop pool and overlook deck, fitness center, party room, cyber café, as well as a 273-space parking garage, available to both residents and retail visitors. At the time of closing, the community was approximately 93 percent leased.

Image courtesy of Jefferson Apartment Group