The non-recourse loan allowed for the purchase of the land from Atlantic Realty Cos., a transaction that closed last week, and the funding of the construction of the property. Corus wasted little time facilitating the transaction, as the company was confident in moving forward on the deal due to its history with Carr Enterprises; Corus Bank has provided two other loans for the real estate company.

"We were able to use the first two transactions as a starting point for this transaction. We were able to be even more aggressive on our advance rate for this loan," Corus Bank first vice president David Ploger says.

Located within close proximity to Route 66, Pearson Square will sit on a nearly five-acre parcel on Maple Street at the intersection of Route 29 and Route 7. The property was formerly known as the Diener Tract and had been the site of an historic duckpin bowling alley. When the developers complete construction, the five- to six-story structure will feature 280,000 sf of residential space--a small portion of which will be reserved for affordable housing units--19,000 sf of ground-level retail, and a two-level underground parking facility that will accommodate more than 500 vehicles.

Pearson Square's connection to Atlantic, however, does not end with the purchase of the land. Atlantic had won approval from local officials for an office, residential and retail development on the property last year. The company later decided to hand over development of the residential segment to Pearson Square. Alas, the new condominium building will ultimately sit next to an Atlantic-developed structure with 75,900 sf of class A office space, an 8,800-sf ground-level retail segment and five levels of parking space. The building has already been designated for sell upon completion to Tax Analysts Inc. for the housing of its headquarters.