News release

$37.308M financing arranged for new luxury condominiums in Washington, D.C.

JLL Capital Markets arranged a loan for Kite House at The Parks at Walter Reed within a master-planned community

September 01, 2021

WASHINGTON, D.C., Sept. 1, 2021 – JLL Capital Markets announced today that it has arranged $37.308 million construction financing for the development of Kite House at The Parks at Walter Reed, a 109-unit condominium development with 11,000 rentable square feet of ground-floor retail in Washington, D.C.

JLL worked on behalf of the borrower, a joint venture between Hines, Urban Atlantic, and Triden Development Group, to secure the three-year, floating-rate loan through Bank OZK. Grosvenor Americas provided a mezzanine debt commitment of $21.1 million for Kite House through its Structured Development Finance program.

With first unit deliveries expected in early 2023, sales are planned to begin in February 2022. Kite House will offer one-, two- and three-bedroom units averaging 830 square feet. The community town center, known as the Marketplace, will offer shops, restaurants and retail amenities, including a Whole Foods Market. The Marketplace will feature a fountain/splash pad, public art, landscaped areas, seating and dining tables and fire pit and lounge area. The Parks will also host movies, farmers markets, concerts, food truck rallies, group fitness classes and ice rink and holiday tree lighting.

Kite House is located at the intersection of Georgia Ave. NW and Elder St. NW, in the northern sector of The Parks at Walter 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 downtown Washington, D.C. 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.

“With the closing of Kite House, the development team continues to build out the transformational Parks at Walter Reed project,” said Leachman.  “There was significant interest from the lending community with the recent success of the first condo project within The Parks at Walter Reed, The Brooks, as well as the proximity to the adjacent Whole Foods.”

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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About JLL

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

About Hines

Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 240 cities in 27 countries. Hines oversees a portfolio of assets under management valued at approximately $160.9 billion¹, including $81.7 billion in assets under management for which Hines serves as investment manager, and $79.2 billion representing more than 172.9 million square feet of assets for which Hines provides third-party property-level services. Historically, Hines has developed, redeveloped or acquired approximately 1,450 properties, totaling over 485 million square feet. The firm has more than 180 developments currently underway around the world. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to ESG, Hines is one of the largest and most-respected real estate organizations in the world. Visit for more information. ¹Includes both the global Hines organization as well as RIA AUM as of December 31, 2020.

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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 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 Grosvenor Americas

Grosvenor Americas has been an active investor and developer in several high-quality cities across the U.S. and Canada for 69 years. Our strategy is to invest in vibrant urban areas where our activities can make a positive contribution to neighborhoods and communities, which we deliver through our Living Cities approach. Since 2004, we have helped supply 12,300 quality homes and have transacted $4.6bn in investment property in the high-growth markets where we operate.

As one of the first North American signatories to the World Green Building Council’s Net Zero Carbon Buildings Commitment, our business is guided by ESG principles and underpinned by a promise to achieve net zero operations by 2030.

We are active in the high-growth transit-oriented and/or amenity-rich neighborhoods of Seattle, Vancouver, the San Francisco Bay Area and Washington, D.C. Our Development Program focuses on residential mixed-use projects; most developments in our USD $2.7bn pipeline will deliver to LEED Gold standards. We also add value to residential, commercial and retail assets, actively managing a portfolio of 59 stable properties in our Investment Program. Additionally, we run a Structured Development Finance business that provides funds to leading residential developers who provide much-needed housing.

As of December 31, 2020, Grosvenor Americas had assets under management of USD $3.6bn.

We are part of Grosvenor Group, one of the world's largest privately-owned international property companies and active in Britain & Ireland, Europe, Asia Pacific and North America. With $15.2bn of assets under management and a track record of 344 years, Grosvenor develops, manages and invests with a purpose of improving property and places to deliver lasting commercial and social benefit.

To read more about Living Cities please click here