Washington, DC – Cassidy Turley announced today that it secured a $21 million long-term, fixed rate loan for Idylwood Village West Apartments located in Falls Church, Virginia. The financing was provided under Fannie Mae's multifamily lending program. Phil Mudd, Christian Miles and Jon Goldstein of Cassidy Turley arranged the financing on behalf of a partnership overseen by Culmore Realty Company.
Idylwood Village West Apartments is a 396-unit apartment community located less than one mile from Tysons Corner Shopping Center. It is conveniently accessible to the Capital Beltway (I-495), I-66 and the West Falls Church Metrorail station. “Lenders quickly recognized the quality of the location, management and sponsorship,” commented Phil Mudd, Senior Managing Director of Cassidy Turley.
The apartments offer 1, 2 and 3 bedroom units, walk-in closets, balconies, and eat-in kitchens with windows. The community’s on-site amenities include a picnic area, a swimming pool, a playground and Metrobus stops. “The property’s rich offering of amenities and convenience to major employment centers assure its success,” said Christian Miles, Senior Managing Director of Cassidy Turley. “But equally impressive to lenders,” added Mr. Mudd, “is that the current owners are the same family who built the property in 1969.”
About Cassidy Turley
Cassidy Turley is a leading commercial real estate services provider in the U.S., with 420 million square feet of managed space, 58 offices, 19 national markets, and more than $13 billion in completed transactions for 2009. Outside of North America, Cassidy Turley partners with GVA Grimley, the founder and majority shareholder of GVA Worldwide. Cassidy Turley serves owners, investors and occupiers by offering integrated, tailored solutions across a full spectrum of commercial real estate services including capital markets, corporate services (which supports more than 25,000 locations), landlord and tenant representation, property management and project and development services. The firm recently ranked in the Top 10 on the Lipsey Co.’s Commercial Real Estate Top Brands Survey. Please visit www.cassidyturley.com for more information about the company.
Maureen Wheeler 202.463.1138