JLL Secures $58.5M in Financing for Dulles Town Center Apartment ComplexAegon provided financing for Parc Dulles at Dulles Town Center Apartments located in Dulles, Virginia
Washington, D.C., January 15, 2015 - JLL’s
Capital Markets experts today announced the firm has secured $58.5
million in financing for the 393-unit Parc Dulles Apartments located
in Dulles Town Center in Loudoun County, Virginia. Aegon provided
the loan for the Property that is part of Lerner’s acclaimed
Dulles Town Center master planned development.
Constructed in 2006, Parc Dulles is just steps away from exceptional shopping and dining at Dulles Town Center mall, Loudoun County’s only super-regional mall with over 1.4 million square feet and anchored by Nordstroms, Macy’s, Lord & Taylor, Sears and over 185 specialty stores. In addition, the Property is just minutes from Washington Dulles International Airport and the Dulles Technology Corridor, and it is only 15 minutes from Reston Town Center and 20 minutes from Tysons. The Property is well-positioned at the nexus of several major thoroughfares including Route 28, Route 7, and the Dulles Toll Road.
Loudoun County, Virginia is just 25 miles from Washington, DC, and is recognized as an international center for technology, communications and transportation, touting such corporate tenants as AOL, United Airlines and Raytheon. The county boasts the highest median income in the United States, and has witnessed unparalleled population and employment growth in the past decade.
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.