Carr Properties has successfully secured financing for their latest project, a $131 million residential development located at 425 Montgomery Street in Alexandria, Virginia. The company entered into an equity joint venture with Barings to fund the project and also closed on a construction loan of $84 million from Kennedy Wilson. Cushman & Wakefield acted as advisor for both the equity and debt financings.
The property was previously an empty office building but will now be transformed by Carr Properties into a modern residential complex spanning 250,000 square feet with 237 units. The eight-story building will offer studio to three-bedroom apartments and is expected to be completed by late 2026.
CEO Oliver Carr expressed excitement about the partnership with Barings and Kennedy Wilson, stating that they are committed to delivering a top-quality living experience through elegant design and sustainable features that will contribute positively towards Alexandria’s growth and vibrancy. This news was originally reported by Connect CRE.
