LEESBURG, VA. — Sovereign Bank is the administrative agent for a $217 million construction loan provided by several national and local financial institutions for The Village at Leesburg, a mixed-use project being developed by Cypress Equities, Kettler and The Carlyle Group. The development is comprised of a 1.2-million-square-foot vertically integrated, four-story village with residential, retail, restaurant and office space. The open-air shopping center will feature a Wegmans Food Market. The development will be located at Route 7 and Crosstrail Boulevard, which will also be the site of a new $31 million interchange expected to open in July 2009. Cypress will develop the retail portion of the project, and Kettler will develop the office and residential components, including 335 luxury apartments. Construction is slated for completion in spring 2010.
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