Virginia Development Lands Construction Loan
- Jul 11, 2019
Woodfield Development has secured a construction loan for the development of Sorrento, a 306-unit community in Reston, Va. JLL arranged the loan on behalf of the developer through PCCP LLC and joint venture equity from German American Realty. The property is slated to be completed in 2021.
Located at 1950 Roland Clarke Place, the property will be situated within walking distance of the existing Wiehle-Reston East Metro Station and the future Reston Town Center Metro Station. Additionally, the area offers access to more than 31 million square feet of office and retail space.
Sorreto will feature a mix of studio, one- and two-bedroom units averaging 800 square feet, of which 37 will be workforce housing. Common-area amenities will include a rooftop, swimming pool with sunning shelf and lounge deck, sky lounge with indoor bar and outdoor space, fitness center, landscaped courtyards with grills and fire pits, outdoor garden park, clubroom with bar, fireplace and game room, dog park and dog spa.
Walter Coker, Brian Crivella, Jamie Leachman and Evan Parker were part of the team that represented the developer. Last month, JLL Capital Markets secured a $70 million acquisition and construction loan for Santander Bank and City National Bank for the development of a 160-unit luxury apartment building in downtown Brooklyn.