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Multi-Housing News
Keybank Real Estate Capital Closes $51.8M Construction Loan For DSF Group's Halstead Tower
NOVEMBER 17, 2005 -- Cleveland—KeyBank Real Estate Capital served as the lead arranger for a $51.8 million construction loan to DSF Group for Halstead Tower. Halstead Tower is a 16-story, 173-unit high-rise condominium building located on 1.6 acres at the intersection of King Street and I-395 in Alexandria, VA.
Every unit in the luxury condominimum development is sold, with construction completion scheduled for late 2006. Both amenities and location contributed to the successful marketing of these condominiums. Some of the features include a lavish recreation room on the fifteenth floor with panoramic views of the Capitol skyline, virtual golf, a wine bar, a wall of televisions, and an infinity pool.
Halstead Tower’s success was recognized when it was selected as the winning property for Delta Associates’ 2005 Annual Apartment and Condominium Industry Awards for Excellence for Highest Sales Pace for Mid-Atlantic Mid-Market Condominium Project category.
"Given our strong commitment to investing and developing condominiums and apartments in the Mid-Atlantic region, it's a great honor to win this award for the second straight year," said Josh Solomon, President of the DSF Group.
In 2004, Key provided a $42 million loan to DSF Group for the construction of a 436-unit condominium project called Halstead at the Metro. Previously, KeyBank closed on a $64 million construction loan for the redevelopment and expansion of an 800,000 square foot industrial building in Revere, Mass. that was pre-leased to the New England Confectionary Company.
“KeyBank’s long-standing, working relationship with DSF group allowed us to serve as the lead arranger on this transaction,” said Amanda Strong, relationship manager, KeyBank Real Estate Capital. “We congratulate DSF Group on such a successful project and for receiving the Delta Award.”