Walter Reed condos land financing

Another piece of the Parks at Walter Reed is moving ahead as the Kite House, a condominium over retail building, obtained $37.3 million in construction financing, according to JLL.

The property will include 109 condominiums — one-, two- and three-bedroom units averaging 830 square feet — plus 11,000 square feet of ground-floor retail. The development will be located at the intersection of Georgia Avenue and Elder Street NW in the northern sector of the master-planned Parks at Walter Reed. The larger development will eventually span 3.1 million square feet of mixed-use with a town center, public arts and restaurant and retail spaces, including a Whole Foods Market, across 66 acres.

A joint venture of Hines, Urban Atlantic, and Triden Development Group obtained the three-year, floating-rate Kite House loan from Bank OZK, with Grosvenor Americas providing $21.1 million in mezzanine debt. The first units will go on sale in February with delivery in early 2023. 

Susan Carras, Jamie Leachman, Evan Parker and Andrew Lewis of JLL helped structure the deal. Leachman noted there was “significant interest” in the deal from the finance community because an early Parks condo project, The Brooks, sold units quickly.