FCP Provides $47M for Grocery-Anchored Apartments in Arlington
FCP has provided $47.1 million in capital through its structured investments platform to finance the construction of a new mixed-use development in Arlington, Virginia. The project will feature 553 luxury apartments across two adjacent residential towers, named Mira and Ador, and will be anchored by an approximately 40,000-square-foot grocery store.
Located at 685 N. Glebe Road, the development sits adjacent to the Ballston Quarter shopping mall in the heart of Arlington. The project is being spearheaded by Arlington-based Insight Property Group in partnership with PGIM.
Preferred equity for the project was arranged by Brian Crivella, Senior Managing Director, along with Managing Directors Bill Gribbin and Yalda Ghamarian of Berkadia DC Metro. Cushman & Wakefield’s Michael Zelin, Marshall Scallan, and Bindi Shah arranged the senior loan, while Bill Collins, Paul Norman, and Shaun Weinberg from the same firm facilitated the land sale.
“This asset will provide exceptional access to its residents with an abundance of amenities within walking distance and connections to employers and key Washington, DC MSA regional destinations through the nearby Ballston-MU Metrorail station,” said Billy Herbert, Senior Vice President at FCP.
