News release

$34.34M in financing secured for DC-area multi-housing property

JLL Capital Markets arranged the acquisition financing for the 227-unit The Mark in Alexandria, Virginia

December 21, 2021

Jenna Sharp

Capital Markets PR
+1 214 438 6450

WASHINGTON, D.C., Dec. 21, 2021 – JLL Capital Markets announced today that it has arranged $34.34 million in financing for the acquisition of The Mark, a 227-unit, mid-rise, value-add multi-housing community located in the Washington, D.C. community of Alexandria, Virginia.

JLL worked on behalf of the borrower, Washington Property Company, to secure a three-year, floating-rate, non-recourse, bridge loan with one-year extensions through MetLife Investment Management.

The Mark contains 34 unrenovated units, 90 partially renovated units and 103 fully renovated units. Unrenovated units offer granite countertops, white appliances, classic cabinetry and tile flooring in kitchens and bathrooms. Fully renovated units include granite countertops, stainless steel appliances, modern cabinetry and hardwood flooring in kitchens and living rooms. The property’s amenities include a swimming pool with an outdoor sundeck, an outdoor lounge and terrace, a grilling patio and fire pit, a lobby with a coffee bar and commuter transit screen, a state-of-the-art fitness center with a private fitness studio, a 24-hour dry cleaning and laundry service, a business center with flexible work-from-home stations, a club room with an expansive bar and a game room.

Situated between I-495 and Duke Street at 100 S. Reynolds St., The Mark offers residents quick access to major employment hubs such as downtown Alexandria, Arlington and Washington, D.C. Providing several transportation options for residents, the property is 1.4 miles from the Van Dorn Metro Station, four metro stops to Ronald Reagan Washington National Airport and one metro stop from the King Street Old Town Metro stop, which also serves as a station for Amtrak and VRE. The community is also just 6.5 miles from Virginia Tech’s new Innovation Campus and four metro stops from the headquarters of a global e-commerce giant. The location is proximate to several retail options at Bailey’s Crossroads, Alexandria Commons, Carlyle Plaza and Hoffman Town Center. Additionally, The Mark is a 0.5-mile walk to Landmark Mall Redevelopment, which, when completed, will consist of a 4.2 million square-foot mixed-use project anchored by Inova Health System hospital.

The JLL Capital Markets Debt Advisory team representing the borrower was led by Senior Director Jimmy Conley and Director Drake Greer.

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 and sales 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 95,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.

About Washington Property Company

Washington Property Company (www.washproperty.com) is a full-service commercial real estate company located in Bethesda, Maryland. Established by Charles K. Nulsen, III, WPC is involved in a full range of real estate investment services including acquisition, land use, development, property management, leasing, and construction management. WPC has developed more than eight million square feet of commercial space in the Washington, D.C. metropolitan area and currently has over 1.6 million residential square feet under development. Washington Property Company is actively pursuing office, multi-family, retail, and mixed-use development opportunities throughout the region. Through its management company, WPC Management, LLC, Washington Property Company manages over 1.8 million square feet of commercial space.