ALEXANDRIA, VA-Sovereign Bank and BellPartners Fund IV are providing debt and equity,respectively, to a joint venture that is developing BellDel Ray, a 276-unit, multifamily housing project locatedwithin the Potomac Yard project. The developersare Woodfield Investments, Arsenal Real Estate Partners,LLC and The Davis Cos.HFF secured the financing for the project.

The five-story building, which will include 3,513 square feet ofground-floor retail, will be located at the south end ofAlexandria's 167-acre Potomac Yard. The multifamily project comesas Alexandria mulls where to place a new metrostation in the submarket. Just like the Silver Line in Reston, development is bound tofollow as plans solidify. Alexandria is currently testing threepossible sites for a Potomac Yard metro station—tests that arescheduled to run through December 7. Meanwhile the city has updatedthe cost of the proposed station from a range of $119 million to asmuch as $538 million, depending on the site that is ultimatelyselected. A special tax will provide some of the funds for thestation.

When it is complete, Potomac Yard will have more than fourmillion square feet of office space, 1.1 million square feet ofretail and dining, 3,200 residential units, a 300-room hotel andmore than 60 acres of park land.