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ARLINGTON, VA-The road has been paved for the development of Eclipse on Center Park, a 465-unit luxury condominium property, now that Corus Bankshares Inc. subsidiary Corus Bank has closed a $147.5-million construction loan for the project. Borrower and developer Comstock Homes plans to deliver the first units of the upscale property in mid-2006.

Eclipse on Center Park will sit within the in-progress, $2-billion mixed-use Potomac Yard development, which spans 300 acres in Arlington and Alexandria. It will feature office space, hotel rooms, retail space, a 25-acre county-owned park, as well as additional residences. The condominium development will consist of two 11-story towers at the intersection of Richmond Highway and S. Glebe Road near the entrance of the Arlington section of Potomac Yard.

The 417,000 sf of residential space will be complemented by 80,000 sf of class A retail space contained in Market Square on Center Park, a retail segment to be created by Comstock Retail Partners LC that will be housed on the ground-level of the condominium development. Already, grocery store Harris Teeter has signed on to occupy 45,000 sf at Market Square; Madison Retail Group is handling leasing of the retail segment of the property. And in an effort to accommodate both condominium residences and patrons of Market Square, the developer is planning a three-level underground parking facility capable of holding nearly 1,000 vehicles.

The appeal of luxury condominium accommodations in both Arlington County and Alexandria remains strong, and early interest in the Eclipse serves as evidence of that fact. “The high level of presales indicates strong demand in the Arlington housing market,” says Corus Bank commercial loan officer David Krischke. “The presales also allowed Corus to get comfortable providing $147.5 million in construction and mezzanine financing without participants.”

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