The borrower will purchase Penderbrook Apartments from a Wien & Malkin partnership operating under the name Fair Oaks Penderbrook Apartments LLC, which acquired the multifamily compound in 1996 for approximately $24.9 million. According to Fairfax County records, the property has a current assessed value of $32.8 million.
A garden-style apartment community located off Route 66 at 3905 Penderview Dr., Penderbrook Apartments occupies a 19.4-acre parcel within the master-planned, 259-acre Penderbrook Community Association. The association encompasses the Penderbrook Golf Cub and sits within close proximity to the 1.9-million-sf Fair Oaks Shopping Center. Amenities at the residential property include a fitness center, two swimming pools, tennis and basketball courts, and parking to accommodate as many as 637 vehicles. The parcel Penderbrook Apartments occupies within the Penderbrook Community Association had to be rezoned to accommodate the impending condominium conversion.
The borrower did not have to wait very long to secure the acquisition and conversion funding; Corus Bank was able to close the loan just under three weeks after signing off on the application. "Corus' familiarity with Comstock and the Northern Virginia residential market facilitated the bank closing on the loan within a very aggressive timeframe," Corus assistant vice president David Krischke explains.
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