ARLINGTON, VA-Ironwood Realty Partners has secured a three-year,$48-million construction loan from Wells Fargo bank to develop amultifamily and retail building here. HHF arranged the financing,which was provided at 75% LTC, HFF director Dan McIntyre tellsGlobeSt.com--the high-end of the still re-emerging constructionfinance market.

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Expected to deliver in the summer or fall of 2012, the $65million-project, Garfield Park, will have 149 luxury residentialunits averaging 928 square feet. There will also be 26,315 squarefeet of ground floor retail. It will be located three blocks fromthe Clarendon Metro station at the corner of 10th Street andWashington Boulevard.

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What activity there has been in the construction finance markethas largely been centered on multifamily building given thesector’s strong fundamentals, McIntyre says. Lately, the lendingactivity has become steady, but it is not anywhere close tocommonplace, he observes. “I would characterize it like this:before, there was a crack in the lending window; now, it’s open afew inches.”

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