The Mercer is a condominium property that will carry the address of 11750 Sunrise Valley Dr. The residences will be divided between two buildings; a 10-story structure will hold 150 units, while a four-story building will contain the remaining 44 units. The property will also feature an underground parking garage capable of accommodating more than 250 vehicles, as well as a surface parking area for 60 additional vehicles.
And the Mercer is not going to be short on what has become a requisite list of amenities for new condominium properties. Design plans take into consideration space for a fitness facility, a business center with a library, and a club room with a theater.
The financing deal comes in the form of a non-recourse loan, which Corus Bank facilitated without a pre-sale quota in place. Corus Bank's previous history with JBG undoubtedly laid the groundwork for the arrangement. The two have worked together once before when the banking entity worked out a $20-million loan to a JBG affiliate last summer for the development of a 228-room Hampton Inn hotel property in Washington, DC.
"Corus' officers work closely with the borrower from the negotiation of the loan terms until the loan is paid off," Corus Bank senior vice president John M. Barkidjija explains. "This close working relationship helps projects move smoothly and builds strong ties between the bank and its customers."
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.