ARLINGTON, VA-Ironwood Realty Partners has secured a three-year, $48-million construction loan from Wells Fargo bank to develop a multifamily and retail building here. HHF arranged the financing, which was provided at 75% LTC, HFF director Dan McIntyre tells GlobeSt.com--the high-end of the still re-emerging construction finance market.
Expected to deliver in the summer or fall of 2012, the $65 million-project, Garfield Park, will have 149 luxury residential units averaging 928 square feet. There will also be 26,315 square feet of ground floor retail. It will be located three blocks from the Clarendon Metro station at the corner of 10th Street and Washington Boulevard.
What activity there has been in the construction finance market has largely been centered on multifamily building given the sector’s strong fundamentals, McIntyre says. Lately, the lending activity has become steady, but it is not anywhere close to commonplace, he observes. “I would characterize it like this: before, there was a crack in the lending window; now, it’s open a few inches.”
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