$15.7 million loan will help fund major renovations to complex
Avison Young announced today it has arranged a $15.7 million loan to refinance and help fund significant renovations to a 109-unit complex in Arlington, Va.
Avison Young arranged the financing for the Lyon Village Apartments at 3004 Lee Highway. The complex’s owner is Lyon Village Apartments LLC, and the lender is John Hancock.
An Avison Young team of Mike Yavinsky, Wes Boatwright, Jon Goldstein and Clayton Pristou represented the borrower and executed a long-term 20-year loan.
“This financing opportunity represented a very compelling opportunity for lenders because this property enjoys one of the most accessible and convenient locations in the Arlington area, has generational ownership, is well maintained and has demonstrated a long track record of success,” Yavinsky said.
The complex is an infill garden-apartment community at the intersection of Lee Highway and Kirkwood Road. Its location is ideal – just 3.25 miles from downtown Washington, DC and directly across the street from the popular Lyon Village Shopping Center, anchored by Giant Food and CVS/Pharmacy.
Lee Village also features several outstanding transportation options. Tenants are within one mile of three separate Metro stations and one block from I-66. They’re also served by an on-site Metrobus stop.
The complex was constructed in 1939, then underwent extensive renovations in 2002. It is now again in the process of being upgraded.
ABOUT AVISON YOUNG
Avison Young is the world’s fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its principals. Founded in 1978, the company comprises 2,600 real estate professionals in 84 offices, providing value-added, client-centric investment sales, leasing, advisory, management, financing and mortgage placement services to owners and occupiers of office, retail, industrial, multi-family and hospitality properties. Learn more at www.avisonyoung.com.
