U.S. Markets open in 4 hrs 1 min

Walter Reed developers line up financing for first market-rate projects

Michael Neibauer
Walter Reed developers line up financing for first market-rate projects

The development team behind The Parks, the overhaul of a 66-acre portion of the Walter Reed Army Medical Center, has closed on construction financing and lined up its equity partners for the first two ground-up, market-rate buildings. Hines, Urban Atlantic and Triden Development Group, the master development team, will partner with PGIM Real Estate on The Vale, a 301-unit apartment building with 18,300 square feet of ground-floor retail fronting Georgia Avenue. PGIM is the real estate investment management business of Prudential Financial Inc. Construction financing for The Vale will be provided by McLean-based Capital One Financial Corp. (NYSE: COF), per a release.