ALEXANDRIA, VA-Redbrick Development Group receives $68 million in financing for the Heights at Groveton, a 290-unit apartment development project along Route 1 in Alexandria. The financing for the development was arranged by Cassidy Turley.
JP Morgan is offering a senior debt construction loan for 60% of the total amount, or about $40 million. Wood Partners and Redbrick will be working as co-developers on the development. An affiliate of Redbrick Partners and CBRE Investors will provide majority of the equity. For the full story, go to Washington Business Journal.
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