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360-Unit The Sur Now Underway in Arlington

Erkiletian Development's New Mixed-Use Project to Incorporate 16,500 SF of Retail Space, 25,000 SF of Amenities
February 5, 2018
A pair of loans provided by PCCP, LLC and U.S. Bank have paved the way for local multifamily owner, developer and builder Erkiletian Development Co. to start construction on a new 360-unit luxury apartment complex in the Potomac Yard area of Arlington, VA.

The Sur, a name meant to evoke images of central California's Big Sur, will be a 12-story building home to studio to three-bedroom floor plans - ranging from 557 to 1,419 square feet - as well as 16,503 square feet of street-level retail space.

The project is also set to feature roughly 25,000 square feet of amenities to include an eighth floor party room with a fireplace and bar, rooftop deck with cabanas, water elements and fire pits, a fitness center, outdoor lawn, floating fire place and lounge, dog spa and a conference room/business center.

Construction on the $148 million development is slated to wrap up in April 2020.

“We believe that The Sur will deliver a highly sought after product that will generate interest from discerning professionals seeking luxury living in a prime D.C. location," said Stefanie Erkiletian, president of Erkiletian Development. "In recent years, this submarket has seen an amazing transformation into a thriving 24/7 live, work, play environment as billions of dollars of capital investment has been made."

The Sur is being constructed on a 1.67-acre site at 3400 Potomac Ave. within The National Gateway, a 40-acre mixed-use development situated along the Potomac River and minutes from Reagan National Airport and downtown D.C. within the 295-acre Potomac Yard, which formerly operated as a railroad switchyard.

Situated just south of Crystal City and Pentagon City, The Sur sits across the harbor from District Wharf and MGM National Harbor, and in 2021 will be served by the new Potomac Yard Metro station to be located a half mile south from the complex.

PCCP provided $35.89 million in preferred equity for the project, while U.S. Bank administered the construction loan. Walter Coker, Brian Crivella and Susan Carras of HFF arranged the PCCP loan.

"We saw this as a solid opportunity to provide preferred equity for The Sur, which would enable Erkiletian to embark on construction immediately. We are discerning regarding our capital investments and this high quality project with its strong sponsorship met our criteria,” said John Randall, partner with PCCP.
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