Jones Lang LaSalle Incorporated: $30.855M financing arranged for new co-living multi-housing development in Washington, D.C.
By Jones Lang LaSalle Inc for MarketScreener
WASHINGTON, D.C., September 16, 2021 – JLL Capital Markets announced today that it has arranged $30.855 million construction financing for the development of 1115 Dahlia Street at The Parks at Walter Reed (‘1115 Dahlia Street’), a 248 bed, 60-unit, purpose built co-living multi-housing development with 21,000 square feet of ground-floor retail in Washington, D.C.
JLL worked on behalf of the borrower, a joint venture between Hines, Urban Atlantic, Triden Development Group and Bridge Investment Group, to secure the three-year, floating-rate loan with two one-year extension options through Santander Bank NA and TriState Bank
1115 Dahlia Street will offer fully furnished two-, three-, four- and five-bedroom units averaging 1,397 square feet. The property will be managed by Common Co-Living offering online payments; 24/7 support via phone, email and text; digital locks with smartphone interface; a repair and maintenance team; and comprehensive financial reporting. 1155 Dahlia Street is one of three buildings that comprise the vibrant Parks Market Place that will offer shops, restaurants and retail amenities, including a 60,000 square foot Whole Foods Market. The Parks Market Place will feature a fountain/splash pad, public art, landscaped areas, seating and dining tables and fire pit and lounge area. The community will also host movies, farmers markets, concerts, food truck rallies, group fitness classes and ice rink and holiday tree lighting.