Commercial real estate news releases from Avison Young

Quarterly and topical research insights to help your business gain competitive edge in commercial real estate.

Avison Young Arranges Construction Loan for 119-Unit Multifamily Development in Old Town Alexandria near Amazon HQ2

Avison Young Arranges Construction Loan for 119-Unit Multifamily Development in Old Town Alexandria near Amazon HQ2 September 29, 2021

Washington, DC – Avison Young today announced that it has arranged a construction loan on behalf of NOVO Properties (“NOVO”) for the development of The Grayson, a 119-unit multifamily project located in Alexandria, VA.  

Avison Young’s team was led by Jon Goldstein, Wes Boatwright and Mike Yavinsky, all Principals in the firm’s Washington, DC office.

The Grayson features a prominent location at the entrance to Old Town Alexandria on Route 1 and is located within walking distance to the Braddock Road metro station. The seven-story building will feature modern finishes, a robust amenity package, below-grade parking and ground-floor retail.

This transit-oriented development is poised to capture demand for high-quality apartments due to its proximity to Amazon’s HQ2 campus at National Landing and Virginia Tech’s Innovation 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,” Goldstein said. “NOVO has a great project and we’re thrilled to have helped arrange the capital stack for the development.”  

The construction loan was provided by EagleBank.

NOVO is a multifamily owner, developer and property management firm headquartered on Capitol Hill in Washington, DC. NOVO was founded in 2003 and has amassed a portfolio of approximately 2,000 apartment units across Washington, DC, Maryland, Virginia and Chicago.

Avison Young creates real economic, social and environmental value as a global real estate advisor, powered by people. As a private company, our clients collaborate with an empowered partner who is invested in their success. Our integrated talent realizes the full potential of real estate by using global intelligence platforms that provide clients with insights and advantage. Together, we can create healthy, productive workplaces for employees, cities that are centers for prosperity for their citizens, and built spaces and places that create a net benefit to the economy, the environment, and the community.

Avison Young is a 2020 winner of the Canada's Best Managed Companies Platinum Club designation, having retained its Best Managed designation for nine consecutive years.

For more information:
Jon Goldstein, Principal: [email protected] +1.202.644.8687