Lerner Lands $26M Refi for Washington, DC-Area Townhomes

Capital One provided the loan for City Center Townes, a 66-unit community near Dulles Town Center.
City Center Townes in Dulles, Va. Image courtesy of Capital One

Lerner Enterprises has secured a $26 million Fannie Mae loan to refinance City Center Townes, a 66-unit townhome property in Dulles, Va. Capital One originated the fixed-rate refinancing.

The 15-year loan includes 10 years of interest-only payments and has a 30-year amortization period. Capital One’s team included Senior Vice Presidents Michael Antonelli and Thomas Reynolds.

The recently completed, three-story townhomes are situated along Bennett Station Square. City Center Townes is part of the developer’s 544-acre master-planned community in Dulles. The Washington Dulles Airport is roughly 10 miles away, while Dulles Town Center is within walking distance.

The residential units provide ground-level private patios, stainless steel appliances and hard surface floors. Community amenities include a dog park, movie theater, children’s playgrounds, swimming pool, spa and fitness center.

Lerner Enterprises is currently developing another Washington, D.C.-area mixed-use project, named Black Hill Germantown. When completed, its residential community will be the largest in the Germantown-Montgomery Village submarket.