JLL Secures $30M in Financing for North Point Village CenterAegon provided financing to refinance North Point Village Center in Reston, Virginia
Washington, D.C., January 19, 2015 - JLL’s
Capital Markets experts today announced the firm has secured $30
million in financing for the 131,439-square-foot, Lerner-owned North
Point Village Center located in Reston, Virginia. Aegon provided
the loan for the grocery-anchored Property.
North Point Village is a neighborhood shopping center that is anchored by Giant grocery store. Among its 30 specialty stores are Starbucks, GNC, Wells Fargo and soon-to-open Glory Days Grill. The Property is situated on Reston Parkway and enjoys access to several major roadways and transit hubs including the Dulles Toll Road, Route 7, Fairfax County Parkway and Washington Dulles International Airport. In addition, its close proximity (1.5 miles) to the acclaimed Reston Town Center, Northern Virginia’s “downtown” and the new Wiehle Avenue station on Metrorail’s Silver line provides the Property with strong visibility and utilization.
Fairfax County is the Washington Metropolitan Area’s private-sector job leader and a major hub for regional economic activity. The County is home to nine Fortune 500 company headquarters and 24 of the top 50 largest technology employers in the region, and boasts the third highest median income of any county in the United States.
“The Property’s exceptional location, tenant base and sponsorship resulted in significant interest from lenders,” said Mike Yavinsky, JLL.
Executive Vice President Mike Yavinsky, along with Managing Director Wesley Boatwright and Executive Vice President Jon Goldstein led the JLL team on this transaction.
About Lerner Enterprises
Based in Rockville, Maryland, Lerner (Lerner.com) was founded by Theodore N. Lerner in 1952 and is one of Washington, D.C.'s largest private real estate developers. The company is involved in all phases of commercial, residential, retail, hotel and mixed-use real estate, including planning, development, construction, leasing and asset and property management. Lerner has developed and currently manages more than 20 million square feet of office buildings, retail centers and residential communities. Lerner's portfolio is comprised of many well-known developments including: The Corporate Office Centre at Tysons II (Tysons2.com), Tysons, VA; 2000 Tower Oaks Boulevard (TowerOaks.com) with LEED® Platinum Certification, Rockville, MD; Dulles Town Center (DullesTownCenter.com), Dulles, VA; and Washington Square (WashingtonSquareDC.com), Washington, D.C.;among many others. For more information please visit Lerner.com.
About JLL Capital Markets
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2013 alone, JLL Capital Markets completed $99 billion in investment sale and debt and equity transactions globally. The firm’s Capital Markets team comprises more than 1,300 specialists, operating all over the globe.
JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual fee revenue of $4 billion, JLL has more than 200 corporate offices and operates in 75 countries worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3 billion square feet and completed $99 billion in sales, acquisitions and finance transactions in 2013. Its investment management business, LaSalle Investment Management, has $48.0 billion of real estate assets under management. For further information, visit www.jll.com.