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STERLING, VA-Oak Grove Townhomes has been designated for new ownership now that a joint venture has closed the door on a $25.2 million loan for acquisition of the 145-unit property. The Athena Group LLC and Mid-City Urban LLC secured the funds for the acquisition from Corus Bank, a division of Chicago-based Corus Bankshares Inc.

“This is the second residential loan that Corus has provided the Athena Group and Mid-City Urban for a property in Loudoun County, VA,” company senior vice president John M. Barkidjija notes. “Our experience on the previous loan allowed Corus to quickly become comfortable with the market and provide the borrower with the leverage and structure they needed.”

The Oak Grove Townhomes compound sits near Washington Dulles International Airport in Eastern Loudoun County. Twenty-two structures are currently in the works to house the 145 units, as well as such amenities as a recreational center and fitness facility. Corus Bank managed to orchestrate the loan in a manner that allows the joint venture to buy the buildings as they reach completion; four had reached completion at the time of the loan transaction.

Bozzuto Group’s Bozzuto Development and Construction is onboard as the general contractor for the project, and project manager Mike Green tells GlobeSt.com that the structures have been scheduled to be turned over to the owner by the middle of September. As for the developer/seller, Green would only say that Bozzuto is constructing the property “for an owner who is selling it to a purchaser who will sell to end-users.”

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