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[IMGCAP(1)]LEESBURG, VA-Developers for a 1.2-million-sf mixed-use project here have closed on $217-million construction financing. Cypress Equities, the development affiliate of the Staubach Co., Washington, DC-based Kettler, and private equity firm Carlyle Group, closed loan proceeds for the Village at Leesburg project. Several national and local financial institutions are funding the project. Sovereign Bank is the administrative agent for these finance providers.

[IMGCAP(2)]Located at Route 7 and Crosstrail Boulevard, the Village at Leesburg will be a vertically-integrated, four-story development. The developers started work on the infrastructure in May 2007, according to a spokesperson for Cypress Equities.

The date for ground breaking has not been publicly released, the spokesperson tells GlobeSt.com. The Village Center is scheduled to be completed in spring 2010. The only publicly revealed prelease for the development, which will include an open air supermarket chain, is a Wegmans Food Market.

Cypress Equities will develop the retail portion of the project, while Kettler will develop the office and residential components of the project including 335 luxury apartments. Under construction now is a $31 million interchange that will access the Village at Leesburg by bridging Route 7. It will have approaches to and from River Creek Parkway to the north and Crosstrail Boulevard to the south of Route 7. The interchange is expected to open by July 2009.

The development’s design is focusing on an urban feel, according to Kettler President Richard Hausler. “The Village at Leesburg captures the sense of the city by bringing a high level of fashion, dining, and entertainment with nationally recognized premier retailers,” he says in a statement.

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