JLL Arranges $135M Refinancing for Altaire Apartments in Arlington, Virginia
ARLINGTON, VA. — JLL has arranged a $135 million loan for the refinancing of Altaire Apartments, a 451-unit luxury high-rise community located in Arlington.
The property is located on the border of the Crystal City and Pentagon City neighborhoods near major landmarks and institutions such as Arlington National Cemetary, the Pentagon and Ronald Reagan International Airport. Pentagon City is the neighborhood where Amazon is building its $2.5 billion second headquarters.
Constructed in 2018, Altaire Apartments is a two-building development that features studio, one- and two-bedroom floor plans. Units are furnished with stainless steel appliances, kitchen islands, wood-style flooring, walk-in closets, individual washers and dryers and keyless entry mechanisms. Rents start at approximately $1,800 per month for a studio unit, according to Apartments.com.
Communal amenities include a sky lounge, rooftop terrace, fitness center, courtyard, fire pits, grilling area, pool, game room, penthouse lounge and pet washing area. The property is LEED Gold certified. Residents are offered concierge package handling services along with Luxer package lockers.
Jamie Leachman and Paul Spellman of JLL arranged the five-year, floating-rate loan through an undisclosed lender on behalf of the borrower, LCOR, an investment and management firm with offices throughout the mid-Atlantic. Proceeds will be used to retire existing construction debt.
“Located directly across the street from a major company’s headquarters and with sweeping views of D.C. and Northern Virginia, the Altaire is the preeminent multi-housing property in the National Landing submarket,” says Leachman. “The competition was fierce for this financing opportunity, which garnered multiple offers from a variety of lending sources.”
— Taylor Williams