WASHINGTON, DC-Insight Property Group has secured construction equity and debt financing for two transit-oriented projects in Silver Spring, MD, and Alexandria, VA. Cassidy Turley's David Webb and Jamie Butler arranged both financings on behalf of Insight Property Group. The two projects are Fenwick Station in Silver Spring and Huntington Metro in Alexandria. Webb declined to say who the equity provider was but did tell GlobeSt.com that the debt provider is PNC Bank.
Insight Property Group is becoming an active multifamily developer in the Washington, DC area, Webb also says, noting it has pushed four significant multifamily developments into the pipeline over the last 12 months. The company is headed by principals Rick Hausler and Mike Blum.
Huntington Metro is scheduled to deliver in spring 2014. The 240-unit project will be located on North Kings Highway within walking distance to the Huntington Metro station. Fenwick Station Apartments will be located on the site of the former Silver Spring Post Office at the corner of Spring St. and Second Ave. The 310-unit building is scheduled to deliver in mid 2014. "Both of these projects are going to be highly successful," Webb predicts.
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