PGIM Real Estate has recently granted a $73.6 million senior loan through its core-plus strategy to Crimson Partners for the refinancing and lease-up of Makers Rise, a multifamily property in Herndon, Virginia.
Makers Rise is a midrise multifamily property with 356 units built in 2023. It also features 5,600 square feet of ground-floor retail space. According to Matthew Dougherty, Chief Financial Officer at Crimson Partners, the building and its residents have brought new energy to the Dulles Station neighborhood. They plan on continuing this momentum with their next project called Frame which will begin construction in 2025.
The location of Makers Rise offers convenient access to important areas such as Dulles Tech Corridor, Dulles Airport and Reston Town Center. Trevor Arnholt , Executive Director at PGIM Real Estate stated that this strategic location near Washington D.C., combined with the thriving job market makes it an excellent opportunity for PGIM Real Estate to provide necessary funding for its growth.
This news was originally reported by Connect CRE but has been rewritten by our team for clarity and accuracy.
