JLL Capital Markets announced that it has arranged $135 million refinancing for the 451-unit Altaire apartments in Arlington, Virginia.
JLL worked on behalf of the borrower, LCOR, to secure the five-year, floating-rate loan to take-out the existing construction loan.
LEED Gold Certified, Altaire consists of studio, one- and two-bedroom floorplan options. The luxury apartments offer top-of-the-line amenities, including a sky lounge and rooftop terrace, fully-stocked fitness center, courtyard, fire pits and grilling area, swimming pool, game room, penthouse lounge and pet washing area.
Located at 400 Army Navy Dr. in the burgeoning Crystal City neighborhood, Altaire is positioned across the street from one of the biggest ecommerce company’s second headquarters development and is walkable from various retail, dining and entertainment options. The property is also a short drive to Reagan National Airport and a quick bike ride to Virginia’s prominent Pentagon City and Pentagon.
The JLL Capital Markets team representing the borrower was led by Senior Managing Director Jamie Leachman and Senior Director Paul Spellman.
“Located directly across the street from a major company’s headquarters and with sweeping views on D.C. and Northern Virginia, the Altaire is the preeminent multi-housing property in the National Landing submarket,” said Leachman. “The competition was fierce for this financing opportunity garnering multiple offers from a variety of lending sources.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients—whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.