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Capital Business
Posted at 11:53 AM ET, 03/02/2012

Financing deal means 25-story Tysons apartment tower is on the way

A pack of developers have descended on Tysons Corner, snapping up sites and looking to build high-rise apartment buildings to feed off of the Silver Line Metro stations being built.

There was little evidence, however, that banks would be willing to finance such construction. After all, housing of this size has never been built in Tysons, and some developers have said they don’t think such large projects would work financially.

But now the first Tysons project to receive approval under the new plan for the area also has a financing deal in place.

Representatives of JP Morgan Chase and RBS Citizens say they will finance construction of the 25-story, 400-unit apartment tower that Greystar plans to build at the corner of Leesburg Pike and Spring Hill Road near the site of the coming Tysons West Metro station. The deal means that the tower will likely be completed within a year after the first Silver Line trains run to Tysons, a major first step to alleviate concerns that the area would end up overly populated by office buildings.

Brandon B. Henry, a managing director at Greystar, declined to discuss the deal. But Tim Leon, division head of commercial real estate for RBS Citizens, said in an e-mailed statement that he was confident high-rise housing would work in Tysons.

“We believe Tysons Corner will continue to grow and expect to see development in a number of areas, including of Class A office space, multi-family housing and mixed-use projects,” he said. “Given the expansion of the Metro to Tysons Corner, this area will be an even more attractive place to live, work or visit in the future.”

Follow Jonathan O’Connell on Twitter: @oconnellpostbiz

By  |  11:53 AM ET, 03/02/2012

 
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