This story has been updated to include the design team SK+1 Architecture. as well as the physical address of the development.
ALEXANDRIA, VA – Avison Young is a global real estate advisor. Today they announced the arrangement of a construction loan on behalf of NOVO Properties for the Alexandria development The Grayson. The Zebra reached out to Avison Young, which declined to disclose the amount of the loan.
The 119-unit development will be located near Route 1 and Amazon H2Q. In addition, since the building will go up in Old Town, the Braddock Road Metro will be within walking distance.
“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,” said Jon Goldstein, a Principal in the D.C. office. “NOVO has a great project and we’re thrilled to have helped arrange the capital stack for the development.”
Goldstein was assisted by fellow Principals Wes Boatwright and Mike Yavinsky.
The seven-story building, designed by SK+I Architecture, will feature modern finishes, a robust amenity package, underground parking, and retail on the ground floor. Ground-breaking is planned for next month at 1200 N. Henry St.
The apartments are expected to be in high demand once construction is complete in the fall of 2023.
EagleBank provided the loan for NOVO Properties, a multifamily owner, developer, and property management firm headquartered on Capitol Hill.