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ARLINGTON, VA-The Hudson, developer Clark Realty Capital’s 293-unit apartment community going up just across from the Clarendon Metro station, will sit on solid ground with the recent attainment of a $51.25-million loan package from Corus Bank, a subsidiary of Chicago-headquartered Corus Bankshares Inc. Clark–the building owner, which will oversee The Hudson through the company’s property management arm, Clark Realty Management–expects the first units of the residential complex to ready for occupancy in the summer of 2003.

Carrying the street address of 1205 North Hudson Ave., the sprawling 249,000-sf development will consist of a 151-unit, 12-story tower that will be linked by a high archway to a 42-unit, four-story, townhouse-style structure. The property will also include two floors of underground parking designed to accommodate up to about 320 vehicles, a fitness center, a recreational facility, and a business center. The Hudson sits on what was formerly a mass of three separate parcels in the Clarendon submarket’s predominantly residential community of Lyons Village. Clark campaigned to have the space rezoned from single-family to multi-family in order to accommodate the development.

“The Hudson is a well located residential project being one block from the Metro stop in what is and will continue to be a solid residential market in Arlington County,” Corus vice president Paul Carlson tells GlobeSt.com. “Corus was able to deliver its commitment quickly because among other reasons we have developed a great relationship with the developer.” The process of facilitating the financing agreement went from term sheet to a solid commitment in a short five-day period. Corus’s loan gives Clark the freedom to designate the residences as rental units or condominium homes to be sold.

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