Development and investment company, LCOR, has closed on a $100.325 million construction loan from Wells Fargo for the development of The Altaire in Crystal City, Virginia.
LCOR plans to turn the 1.77 acre property into a transit-oriented development. Construction will get underway this month and the project is slated for delivery in the second quarter of 2018.
“LCOR is excited to start construction on The Altaire, which will be a great compliment to the burgeoning neighborhood connecting both Pentagon City and Crystal City, ,” said Harmar Thompson, senior vice president of LCOR.
“We are focused on providing a dynamic, LEED Gold multifamily development with distinctive architecture that will be an enduring complement to the community.
Upon completion, the first tower will include 150 “luxuryˮ rentals, while the second tower will offer 300 “high endˮ rentals.
Balfour Betty is the general contractor, while SK & I is the architect and Akseizer Design Group is the Interior Designer for the project.