$217M Construction Loan for Virginia Mixed-Use
- Apr 25, 2008
Global equity firm The Carlyle Group and developers Cypress Equities and Kettler have received a $217 million construction loan that paves the way for the building of The Village at Leesburg in Leesburg, Va.Sovereign Bank is the administrative agent for several national and local financial institutions that are providing the loan for the project.The Village at Leesburg will be a four story, 1.2 million square foot mixed-use development. The project will be anchored by Wegmans Food Market, and the developers have received commitments from local and regional retail stores and restaurants to complement the national brands expected to populate the development. Cypress Equities will develop the retail component of the project while Kettler will control the office and residential portions, including 335 luxury apartments.Construction on The Village is scheduled to be completed in the summer of 2010. The development will be accessed by a new $31 million interchange on Route 7 leading to it, which will be completed in 2009.Kettler, one of the largest property management firms in the Washington, D.C. region, was named Property Management Company of the Year at Multifamily Pillars of the Industry Awards Gala this month. Cypress Equities works mainly in property development, including two new office buildings for Peloton Real Estate in Fort Worth, near its Dallas headquarters. Carlyle Group, whose board members have included both Presidents Bush, has aggressively become involved in retail space, with bids for retail space in New York at 666 Fifth Ave. and 650 Madison Ave.