Los Angeles (November 2, 2017) – Canyon Partners Real Estate LLC® (“Canyon”) has provided a $22.9 million mezzanine loan to an affiliate of The Meridian Group (“Meridian”) to finance the development of Verse, a 25-story, 140-unit luxury condominium project currently under construction at The Boro, Meridian’s 15-acre, 4 million square foot mixed-use, multi-phase development in Tysons, VA.
Canyon’s experience as a capital provider across asset classes includes a long history in residential condominium investing, having committed over $1.4 billion since inception to condominium projects nationwide through senior loans, mezzanine loans, preferred equity and equity, facilitating over $3.9 billion of total project capitalizations.
“We are excited to be working with Canyon on Verse, given Canyon’s extensive experience financing and investing in condominium projects across the United States,” said Gary Block, CIO of The Meridian Group. “With this project, we hope to provide the community with a best-in-class product to meet the growing and pent-up demand for modern, luxury condominiums in Tysons.”
Verse is located within Meridian’s transformative, mixed-use development known as “The Boro,” a transit-oriented multi-phase development located directly across from the Silver Line’s Greensboro Metro Station. When fully built out, The Boro will contain 4 million square feet of office, residential, retail, entertainment and public space. The first phase, which broke ground in 2016, will consist of approximately 1.7 million square feet of mixed-use development, including 677 residential units, 500,000 square feet of office space and 260,000 square feet of destination retail space anchored by a 69,000 square foot Whole Foods Market, which is the largest in the region, as well as a 79,000 square foot ShowPlace ICON Theatre with 15 screens, reserved seating, and food and bar areas.
Verse is the first substantial condominium development in Tysons since One Park Crest delivered in 2008 and its 140 residential units will offer excellent views. Residences will average 1,335 square feet and feature 10’ ceilings, hardwood flooring, Quartz countertops and high-end stainless-steel appliances. In addition to an assortment of amenities including 24-hour concierge services, a fitness center, a clubroom with double-height ceilings and a private all-season terrace, Verse will have a swimming pool and a one-acre skypark featuring a lawn area, courtyards, outdoor kitchen and fire pits. Select units will also have unique features including balconies, double ovens, and wine refrigerators.
The project is expected to deliver in late 2019.
About Canyon Partners Real Estate LLC
Canyon Partners Real Estate LLC® (“Canyon”) is the real estate direct investing arm of Canyon Partners, LLC. Canyon focuses on providing debt and equity capital for commercial real estate in primary and secondary markets across the U.S., primarily to facilitate asset acquisition, value-add repositioning, development or recapitalization. Since inception, Canyon has invested over $6.5 billion of capital in over 260 commercial real estate and mortgage transactions with a total capitalization of $17.5 billion through its distinct real estate investment platforms.
Founded in 1990, Canyon Partners, LLC is an investment management firm headquartered in Los Angeles which, together with its affiliates, manages approximately $23 billion of assets. For more information visit: www.canyonpartners.com.
About The Meridian Group
The Meridian Group is a real estate investment and development firm based in Bethesda, MD. Since its inception in 1993, Meridian has acquired and developed more than 14 million square feet of office, residential, hotel, mixed-use, and land with a focus on the metropolitan Washington, DC market. To learn more, visit Meridian’s website at www.tmgdc.com.
(914) 686 5599