Tower Cos. Lands $188M Refi for DC-Area Portfolio
PGIM Real Estate provided the fixed-rate financing.
Tower Cos. has obtained $188 million in refinancing for The Blairs, a five-property multifamily portfolio in Silver Spring, Md., that is currently undergoing redevelopment. PGIM Real Estate provided the fixed-rate loan, with Vice President Trevor Arnholt leading the financing process.
Totaling 1,396 units, the portfolio consists of The Pearl, Blair House, Blair East, Blair Plaza and Blair Towns. All of the assets are LEED certified, four to Gold level and one to Silver.
The master-planned redevelopment is a 20-year long effort to revitalize the historic buildings. The entire portfolio will encompass 2,800 apartments, 200,000 square feet of office and 125,000 square feet of retail, together with a 200-unit hotel, the same source shows. Plans also call for a second phase of The Pearl, which will consist of a mixed-use, 18-story building with 244 units.
The development team includes general contractor Clark Construction Group, architecture firm Design Collective, landscape architect Sasaki and Associates and interior design firm RD Jones & Associates.
The master-planned community is close to Blair Park Shopping Center, as well as numerous dining options. Downtown Washington, D.C., is some 7 miles south, while Dulles International Airport is roughly 32 miles away. The properties are also 9 miles north from The Stacks, a 2.7 million-square-foot mixed-use development that will include 1,100 apartments upon completion.
A historic portfolio
Blair House first came online in 1959 and encompasses 314 units with studio and one- to three-bedroom floorplans. Apartments range from 265 to 1,500 square feet. Common-area amenities at the 13-story building include a fitness center and 12 laundry facilities. The asset is located at 8201 16th St.
Blair Plaza, completed in 1970, is a 15-story building with 331 units and retail space. The apartments consist of studio, one- and two-bedroom floorplans and vary between 400 and 1,245 square feet. Amenities comprise a fitness center and 15 laundry facilities. The community is at 1401 Blair Mill Road.
The 2003-completed Blair Towns consists of 78 apartments with one- to three-bedroom floorplans, ranging from 703 to 1,526 square feet. Common-area amenities include a clubhouse and a fitness center. The two three- and four-story buildings are at 8320 Colesville Road.
Blair East came online in 1949 and was completely renovated in 2012. The community comprises 394 units with studio and one- to three-bedroom layouts, along with retail space. Apartments range from 421 to 1,457 square feet. Community amenities consist of a fitness center, clubhouse and 17 laundry facilities. The 16-story building is at 1220 East West Highway.
The Pearl, completed in 2017, is a Class A community comprising 284 units—64 of which are affordable— and retail space on the first floor. Apartments are divided into one- to three-bedroom floorplans and vary between 490 and 1,615 square feet. Common-area amenities include a clubhouse, swimming pool, business center and fitness center, along with EV charging stations. The 14-story building is at 180 High Park Lane.