Monday Properties Closes Financing To Begin Construction On Alexandria Apartment Building – Bisnow

Courtesy of Monday Properties

A rendering of Monday Properties' project at 2000 North Beauregard St. in Alexandria.

The coronavirus pandemic has not stopped developers from starting new D.C. projects, with the latest groundbreaking coming in westernAlexandria.

Monday Properties announced Tuesday it secured a $66.8M construction loan from EagleBank and broke ground on the development at 2000 North Beauregard St.

Theproject is planned to include300 units in six toseven stories of wood-frame construction atop a two-level concrete podium. The apartments will be wrapped around an internal, 420-space parking garage.

The site, near the intersection of Beauregard Street and Seminary Road, previously housed an aging office building. Monday Properties acquiredit in 2017 and receivedAlexandria City Council approval for the conversion in May 2019.

The property is located in an opportunity zone, and Monday Properties brought on an equity partner thatwill benefit from the federal tax incentive program. Through a spokesperson, Monday declined to disclosethe name of the partner.

EagleBank Senior Vice President Bryan Leigh originated the loan. It is the latest in a series of D.C.-area projects the bank has financed during the pandemic, including projectsin Greenbelt, Deanwood and Northwest D.C. Several additional projects have received financingand broken ground in recent months, as D.C.-area jurisdictions allowed construction to continueduring stay-at-home orders.

Monday Properties is also planningto replace two Rosslynoffice buildings with multifamily towers. The developer owns a large portfolio of office buildings in the Rosslyn area, including the 1812 North Moore tower that landed Nestlin 2017.

This project will help meet a critical need for new housing in the region, and we could not be more pleased to have closed our financing and started construction on this exciting development, Monday Properties Vice President of Development Frank Craighill said in a release. Were optimistic that this project will catalyze further development in the area and are proud to deliver new, Class-A apartments to residents in early 2022.

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Monday Properties Closes Financing To Begin Construction On Alexandria Apartment Building - Bisnow