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ARLINGTON, VA-Carlyle-FSP Clarendon Associated LP was able to acquire Clarendon 1021, a new 419-unit high-rise condominium building, thanks to a $128-million bridge financing deal. Carlyle is acquiring the property from developer Fairfield Clarendon LP, a group consisting of Walnut Street Development, Fountain Square Properties and new full owner the Carlyle Group.

GMAC Commercial Mortgage Corp. facilitated the transaction via its Proprietary Lending Group. Clarendon 1021 occupies a 2.5-acre site at 1021 N. Garfield St., near Interstate 66 in the Arlington County submarket of Clarendon. Not only was the residential property originally named Fairfield at Clarendon, it was also designated to be a rental apartment community; however there have been significant and steady increases in condo sales since February, according to the May 2005 Arlington County Residential market report provided by the Northern Virginia Association of Realtors.

Now, in addition to the luxury units, the 10-story, 434,970-sf Clarendon 1021 provides tenants with such amenities as a 2,000-sf fitness center, heated rooftop pool, conference center, community room, convenience store, a Metro station just a block away and parking facilities to accommodate approximately 500 vehicles. “GMACCM won this business because we provided a highly leveraged loan and very aggressive pricing due to the strong sponsorship and the quality and location of the property,” says Richard Bopp, GMACCM Washington, DC branch manager and senior vice president. Bopp, along with colleagues Fabrice Vasques and Jason Roach, spearheaded the transaction.

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