JLL secures capital for development of Sorrento in the Washington, D.C. metro
Project brings 306 multifamily units to the Reston, Virginia, submarket
WASHINGTON, July 10, 2019 – JLL announces it has secured capital for the development of Sorrento, a 306-unit multi-housing community in Reston, Virginia.
JLL worked on behalf of Woodfield Development to secure a construction loan through PCCP, LLC and joint venture equity from German American Realty.
Sorrento is located at 1950 Roland Clarke Place along the Dulles Toll Road. The transit-oriented community will be situated within walking distance of the existing Wiehle-Reston East Metro Station and the future Reston Town Center Metro Station. Due for completion in 2021, Sorrento is being developed in an area that is being transformed into a walkable, tree-lined residential enclave in the heart of Reston that also offers easy access to the area’s 31.2 million square feet of office space and multiple retail amenities, as well as Washington, D.C. Units will include a mix of 306 studio, one- and two-bedroom floor plans averaging 800 square feet, 37 of which will be designated as workforce housing. The community will feature a rooftop, resort-style swimming pool with sunning shelf and lounging deck; a seventh-floor sky lounge with indoor bar and outdoor space; state-of-the-art fitness center; landscaped courtyards with grills and fire pits; outdoor garden park; clubroom with bar, fireplace and game room; and dog park and dog spa.
The JLL Capital Markets team representing the developer included Walter Coker, Brian Crivella, Jamie Leachman and Evan Parker.
“This project represents an attractive opportunity for PCCP to lend to a highly institutional and experienced partnership in a well-located and affluent D.C. suburb,” said Ryan Dodge, vice president with PCCP. “Woodfield Reston will appeal to renters seeking a quality, amenity-rich community near a diverse and dense employment base at a price point that is less than nearby markets.”
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 a sale, financing, repositioning, advisory or recapitalization execution. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of over 91,000 as of March 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Woodfield Development
Woodfield Development is a premier developer and operator of Class A multifamily communities in the Mid-Atlantic and southeastern United States. The partners in Woodfield share a depth of experience in development, asset management and real estate capital markets. Since the formation of the company in 2005, Woodfield has completed 35 communities, has seven communities under construction and 22 projects at various stages of entitlement and design. From the first development and each one thereafter, Woodfield Development’s singular goal has been to deliver well-conceived, thoughtfully designed, market-supported projects that hit the mark and then some. With a track record that stands alone, Woodfield Development sets out to assemble the best team of designers, consultants, architects, contractors and capital sources – every project, every time.
About German American Realty Group
The German American Realty Group specializes in corporate and operational real estate projects in the U.S. It comprises German American Realty GmbH and the German American Realty Partners LLC. The team offers a combination of expertise, entrepreneurial mindset and long-standing experience. All real estate projects are intensively analyzed by local experts and implemented in close cooperation with local partners. Services include support and controlling throughout all phases of a project: from the underwriting of each deal to the acquisition management, followed by the active management and property controlling once the asset is acquired. All parties involved have access to an exceptionally wide ranging network. The team utilizes experienced local partners that have proven track records and mutually successful past deal performance. The shareholders personally invest in each project. The German American Realty Group is actively focused on both the development and acquisition of existing multifamily communities with value-add potential. https://german-american-realty.com
About PCCP, LLC
PCCP, LLC is a real estate finance and investment management firm focused on commercial real estate debt and equity investments. PCCP has $9.4 billion in assets under management on behalf of institutional investors. With offices in New York, San Francisco, Atlanta, and Los Angeles, PCCP has a 21-year track record of providing real estate owners and investors with a broad range of funding options to meet capital requirements. PCCP underwrites the entire capital stack to exploit inefficiencies in the market and provide investors with attractive risk-adjusted returns. Since its inception in 1998, PCCP has successfully committed $19.8 billion of capital through a series of investment vehicles including private equity funds, separate accounts and joint ventures. PCCP continues to seek investment opportunities with experienced operators seeking fast and reliable capital. Learn more about PCCP at www.pccpllc.com.