Construction has begun on The Sur, a mixed-use project in Arlington, Va. by developer Erkiletian Development Co. Plans call for a 360-unit apartment complex along with 16,000 sqf of ground-floor retail and an additional 25,000 sqf of shared amenities. It’s part of the 40-acre National Gateway mixed-use development at Potomac Yard, a 295-acre site of a former railroad switch yard. PCCP LLC provided $35.9 million in preferred equity financing for the project. A team of HFF Managing Director Walter Coker, Director Brian Crivella and Senior Managing Director Susan Carras facilitated the equity financing, while U.S. Bank supplied the construction loan. The project is expected to be completed by April 2020.
“We believe that The Sur will deliver a highly sought-after product that will generate interest from discerning professionals seeking luxury living in a prime D.C. location. In recent years, this submarket has seen an amazing transformation into a thriving 24/7 live-work-play environment as billions of dollars of capital investment has been made,” said Stefanie Erkiletian, president of Erkiletian Development Co.
