X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.