$54.82M in Financing for 2001 Clarendon in Arlington, VA
Walker & Dunlop, Inc. (NYSE: WD) has closed on $54.82 million in financing for 2001 Clarendon, a Class A mixed-use property in Arlington, VA.
The construction loan was structured with a 13-year term with the first 3-years as interest-only, followed by a 30-year amortization schedule. This deal, financed by a life insurance company, has a far longer term than most construction loans, according to Andrew Coleman, Walker & Dunlop Senior Vice President, Capital Markets, who led the Walker & Dunlop team on the transaction.
2001 Clarendon will offer 154 residential units and approximately 30,000 square feet of retail space on the street level. The property will be located within close proximity to the Courthouse Metro station and will provide unrestricted views of the Washington Monument and the Washington Cathedral from its rooftop pool and garden.
2001 Clarendon is expected to be available for occupancy in April 2014.