$30.855M financing arranged for new co-living multi-housing development in Washington, D.C.
JLL Capital Markets arranged a construction loan for 1115 Dahlia Street at The Parks at Walter Reed
WASHINGTON, D.C., September 16, 2021 – JLL Capital Markets announced today that it has arranged $30.855 million construction financing for the development of 1115 Dahlia Street at The Parks at Walter Reed (“1115 Dahlia Street”), a 248 bed, 60-unit, purpose built co-living multi-housing development with 21,000 square feet of ground-floor retail in Washington, D.C.
JLL worked on behalf of the borrower, a joint venture between Hines, Urban Atlantic, Triden Development Group and Bridge Investment Group, to secure the three-year, floating-rate loan with two one-year extension options through Santander Bank NA and TriState Bank.
1115 Dahlia Street will offer fully furnished two-, three-, four- and five-bedroom units averaging 1,397 square feet. The property will be managed by Common Co-Living offering online payments; 24/7 support via phone, email and text; digital locks with smartphone interface; a repair and maintenance team; and comprehensive financial reporting. 1155 Dahlia Street is one of three buildings that comprise the vibrant Parks Market Place that will offer shops, restaurants and retail amenities, including a 60,000 square foot Whole Foods Market. The Parks Market Place will feature a fountain/splash pad, public art, landscaped areas, seating and dining tables and fire pit and lounge area. The community will also host movies, farmers markets, concerts, food truck rallies, group fitness classes and ice rink and holiday tree lighting.
Located at 1155 Dahlia St., the upscale co-living project is located within The Parks at Walker Reed master-planned community. The community will include 3.1 million square feet of mixed-use development across 66-acres. The community is a 10-minute walk to Rock Creek National Park and the Takoma Metro Station, additionally, the property is served by eight metrobus routes. The property is five miles from both the Washington, D.C. CBD and downtown Bethesda and 1.5 miles from downtown Silver Spring. Additionally, the community is three miles from Capital Beltway (Interstate 495) offering direct access to the entire Washington, D.C. and Baltimore metropolitan region and rail connections such as Amtrak, MARC and VRE trains.
The JLL Capital Markets debt team that represented the borrower was led by Senior Managing Directors Susan Carras and Jamie Leachman, Director Evan Parker and Analyst Andrew Lewis.
“1115 Dahlia Street will be one of the largest purpose built co-living projects in Washington, DC and the first within The Parks at Walter Reed,” said Leachman. “This emerging asset class will provide residents yet another Class A yet cost efficient option for residents who will also be able to enjoy all the benefits that come with living within this premier master planned development.”
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 and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 92,000 as of June 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 255 cities in 27 countries. Hines oversees investment assets under management totaling approximately $83.6 billion. In addition, Hines provides third-party property-level services to more than 367 properties totaling 138.3 million square feet. Historically, Hines has developed, redeveloped or acquired approximately 1,486 properties, totaling over 492 million square feet. The firm currently has more than 171 developments underway around the world. With extensive experience in investments across the risk spectrum and all property types, and a foundational commitment to ESG, Hines is one of the largest and most-respected real estate organizations in the world. Visit www.hines.com for more information. Includes both the global Hines organization as well as RIA AUM as of June 30, 2021.
About Urban Atlantic
Since its founding in 1998, Urban Atlantic has established a strong track record of successfully investing and developing in transformational, large-scale, urban communities. Urban Atlantic focuses on creating vibrant, mixed-use, mixed-income, TOD neighborhoods. Urban Atlantic is a leader in sustainability and inclusiveness in all of its communities. Headquartered in the Washington metro area for 20 years, the firm’s portfolio includes over $2 billion in completed real estate developments, creating nearly 9,000 residential units and 1 million square feet of commercial space. Urban Atlantic’s third-party investments have leveraged an additional $2 billion in real estate developments and operating businesses in emerging markets. Visit www.urban-atlantic.com for more information.
About Triden Development Group
Triden Development Group is a local District-based firm serving as a master development partner on more than $7 billion of local mixed-use projects. The Triden team has many years of combined experience at the forefront of public-private collaborations addressing economic development challenges in the District of Columbia and major urban centers throughout the nation. The firm provides development, equity investment, and construction management services. With considerable relevant experience Triden also provides strategic advisory services related to infrastructure, retail, multi-family housing, as well as community engagement and benefits. As a local equity participant and investment development partner, Triden has a long tenure developing iconic projects including three of the largest mixed-use projects in the District of Columbia: CityCenterDC, The Wharf and The Parks at Walter Reed.
About Bridge Investment Group
Bridge Investment Group is a leading, vertically integrated real estate investment manager, diversified across specialized asset classes with approximately $28.7 billion in assets under management as of June 30, 2021. Bridge combines its nationwide operating platform with specialized teams of investment professionals focused on select U.S. real estate verticals: multifamily, office, seniors housing, affordable housing, opportunity zones, logistics net lease, logistics properties, debt strategies and agency mortgage backed securities. For more information, visit www.bridgeig.com