Fairfax-based Van Metre Cos. has landed $55.7 million in construction financing to develop a 315-unit apartment complex in Woodbridge that will be aimed at D.C. commuters.
M&T Realty Capital Corp. said Tuesday it closed on the Federal Housing Administration loan, the largest new-construction loan M&T has completed to date.
“We are pleased to facilitate financing for this important project that will provide attractive housing units to the market,” said a statement from M&T Managing Director Paula Quigley, who led the transaction work with Timothy Lascko, an officer with M&T Bank’s commercial real estate department.
The loan was completed as part of the FHA’s 221(d)(4) program, which insures mortgage loans to fund the construction or rehabilitation of multifamily properties.
Van Metre representatives were not immediately available for comment.
The planned Van Metre at Kensington Place will be built adjacent to the Prince William Parkway interchange off Interstate 95.
Plans for the luxury community, designed by Van Metre Architecture, include high-end amenities such granite finishes, hardwood flooring and built-in charging stations for cellphones and computers.
The community will also have two pools, a sun deck, putting green and outdoor barbecue area.