WASHINGTON, DC—More details have emerged about Goldstar Group's purchase of 3409 Wilson Blvd., inRosslyn. Its partner in the acquisition is Bethesda,MD-based Finmarc Management and the purchase pricefor the property was $39.88 million. What we'veknown from the start, though, is that the purchase was made with aneye to condo conversion. Finmarc reports that it will invest $6million to that end with sales expected to start in September 2014.McWilliams | Ballard will handle that end. Seniordebt was provided by Wells Fargo and debt andequity was arranged by Metropolis CapitalFinance.

Within the last few weeks a handful of condo projects have beenannounced, a relatively high number considering the area's maniafor multifamily. Also, condos have not been financial viableprojects in the District and surrounding area for years. That,though, appears to be changing, as the Finmarc-Goldstar acquisitionsuggests.

"Our team is acquiring this strategically-positioned asset belowreplacement cost and, based on our research, we detect an extremelystrong demand for high-quality condominium units in the NorthernVirginia region," says Marc F. Solomon, principalof Finmarc, in a prepared statement.