(To read more on the multifamily market, click here.)

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

Behind the transaction is LJ Melody & Co., which recapitalized the property’s existing debt and equity for developer Silverwood Homes Inc. LJ Melody, the investment banking arm of real estate services firm CB Richard Ellis, had originally capitalized the project last year. The WestLee will offer more than 8,000 sf of high-end ground-level retail space, part of which has been designated for a bakery, a wine and cheese store, a coffee shop, a fitness center; a clubroom with bar, kitchen and library area and a two-level parking facility.

The WestLee’s completion date is scheduled for sometime in 2006. “Silverwood’s success in preselling 100% of the units allowed us to capitalize on this flexibility by taking out the existing equity through a combination of an increased construction loan and mezzanine financing,” explains Maury Zanoff, senior director in LJ Melody’s Washington, DC office. “This execution provided savings in the millions to our client that flow directly to their bottom line while allowing the more expensive capital to exit with a great return.”

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