FCP, a privately held real estate investment company, is helping move ahead a mixed-use development on the site of a former Macy’s building adjacent to the Ballston Quarter shopping center in Arlington, Virginia. The company, through its Structured Investments platform, has provided $47.1 million in capital to sponsors Insight Property Group and PGIM.
The mixed-use development comprises 553 luxury apartments in two adjacent towers, Mira and Ador, anchored by an approximately 40,000-square-foot grocery store. Twelve units will be affordable for households with incomes at 80% of the area median income.
“FCP is excited to be a part of the capital stack for this trophy development, which will bring 553 new apartment homes and a grocery component to Ballston,” said senior vice president Billy Herbert. “This asset will provide exceptional access to its residents with an abundance of amenities within walking distance and connections to employers and key Washington, D.C., metro regional destinations through the nearby Ballston-MU Metrorail station. We are thrilled to partner with top-tier sponsors PGIM and Insight Property Group, the latter of which we have worked with on two prior developments, as well as a top-tier lender in Northwestern Mutual.”
The 16-story towers, which will be designed to LEED Gold certification standards, will have their own amenity packages to create separate but complementary market appeal. Mira’s amenities are designed for social interaction, with a resident coworking lounge and hospitality bar, a penthouse-level piano lounge, a fitness center, dog amenities, and an array of outdoor dining and entertainment spaces. Ador is designed with a focus on elegance and refinement. It will feature a lobby hospitality area and coffee bar, private office rooms in the resident coworking space, a fitness center with a yoga studio, and a partitioned entertainment area and sunroom. Both towers will have access to a shared rooftop pool and sundeck.
“Insight is grateful for the support of, and partnerships with, the many people and organizations who have helped us to bring this project to a construction groundbreaking,” added Insight Property Group principal Sarah Davidson. “Together, we expect to deliver an array of new homes and welcome new residents and retail partners that will reinforce Ballston’s position as one of the Washington metro area’s most desirable and convenient places to live, work, and entertain friends and family.”
Senior managing director Brian Crivella and managing directors Bill Gribbin and Yalda Ghamarian of Berkadia DC Metro arranged the preferred equity investment for the development team. Cushman & Wakefield’s Michael Zelin, Marshall Scallan, and Bindi Shah arranged the senior loan. In addition, Cushman & Wakefield’s Bill Collins, Paul Norman, and Shaun Weinberg arranged the land sale.