NOVO Lands Loan To Start Construction On Alexandria Apartment Project
A new development near Alexandria's Braddock Road Metro station, just south of the new Amazon HQ2 and Virginia Tech campuses, has landed construction financing.
NOVO Properties secured a construction loan from EagleBank for the 119-unit apartment project at 1200 North Henry St. Avision Young, which brokered and announced the deal, said the project is planned to break ground in October and to deliver in fall 2023.
The firm didn't announce the size of the construction loan, but a source involved in the deal told Bisnow it was for just over $40M.
The seven-story project, branded as The Grayson, will include below-ground parking and ground-floor retail. NOVO Properties acquired the site in July 2019 from Avanti Holdings, which had bought the site three years earlier and planned a similar project.
The property sits along the Route 1 corridor, roughly a half-mile from the Braddock Road Metro station. The Braddock Road station has drawn attention from developers due to its location one stop south of the future Potomac Yard station, where Virginia Tech is building its new Innovation Campus, and three stops from Crystal City and the HQ2 campus.
“The Grayson is an excellent development with several outstanding features, including its location at the gateway to Alexandria and its proximity to HQ2 and Virginia Tech’s Innovation Campus, as well as the timing of delivery that aligns with National Landing coming online,” Avison Young principal Jon Goldstein said in a release.
Goldstein brokered the deal along with Avison Young's Wes Boatwright and Mike Yavinsky.
