On behalf of Bainbridge Cos. and The Carlyle Group, Jones Lang LaSalle’s Capital Markets secured more than $160 million in refinancing of existing debt for two Washington, D.C.-area properties known as The Bennington and Crystal Square.
The two properties, comprised of 726 units, are located in the dynamic Crystal City submarket of Arlington, Virginia. The Crystal Square property received a $93.1 million loan, while The Bennington secured a $68.3 million loan. Financing was originated by Jones Lang LaSalle with loans through Freddie Mac’s Capital Markets Execution program. Jones Lang LaSalle is a licensed Freddie Mac Program Plus Seller/Servicer.
Jones Lang LaSalle’s Executive Vice President Shawn McDonald led the financing efforts.
The 19-story, 348-unit Bennington high-rise is located at 1201 South Eads Street within walking distance to both the Crystal City and Pentagon City Metro Stations. Amenities include a swimming pool with sundeck, business center, coffee bar, fitness center, on-site convenience store and dry cleaner, controlled access and on-site covered parking.
The 17-story, 378-unit Crystal Square high rise is located at 1515 Jefferson Davis Highway and is located adjacent to the Crystal City Metro Station. Amenities include a swimming pool with large sundeck, new rooftop health and fitness center, gaming and billiards room, rooftop terrace, The Spot: interactive cyber café, controlled access, on-site covered parking garage, conference center and 24-hour concierge.
Both properties were constructed in 1980 and received comprehensive renovations that featured upgraded unit interiors and common areas.