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.

For The Brooks, an 89-unit condo building on half an acre adjacent to The Vale, Grosvenor Americas has provided financing as has EagleBank (NASDAQ: EGBN).

Both projects, the WBJ reported in 2018, are expected to deliver in 2020. The land, owned by the D.C. government and ground-leased to the master development team,…

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