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FALLS CHURCH, VA-The WestLee, a 128-unit condominium propertythat is currently in the works at the intersection of Lee Hwy. AndWestmoreland St., has been recapitalized to the tune of $49 millionfor the purpose of completing its development. Located off I-66,the WestLee sits near the border between Arlington and Falls Churchat a site near what is considered the gateway to the East FallsChurch submarket.

Behind the transaction is LJ Melody & Co., whichrecapitalized the property's existing debt and equity for developerSilverwood Homes Inc. LJ Melody, the investment banking arm of realestate services firm CB Richard Ellis, had originally capitalizedthe project last year. The WestLee will offer more than 8,000 sf ofhigh-end ground-level retail space, part of which has beendesignated for a bakery, a wine and cheese store, a coffee shop, afitness center; a clubroom with bar, kitchen and library area and atwo-level parking facility.