NVCommercial Real Estate Fund I Provides Participating Financing for The Ponds Office Building in Reston, Va.
RESTON, VA --- NVCommercial Real Estate Fund I LP announced that it closed on $6.55 million participating first-mortgage financing for The Ponds building in Reston, Va. The principals of the fund, managed by NVCapital Advisors (www.nvcapitaladvisors.com), arranged the financing for the project.
The attractive 48,000-square-foot building is situated partially over a pond and visible from the Dulles Toll Road. The building was 100 percent vacant and will be upgraded and converted to office condominiums. Subsequently, two companies have already purchased 39 percent of the building as users.
“We are pleased to have completed this transaction,” said Peter H. Lunt, chief investment officer for NVCapital Advisors and a principal in the fund’s general partner. “It fits nicely into the fund’s focus on debt and equity commitments in the $2-to-$10 million range, an underserved portion of the greater Washington, DC real estate investment market.”
Mr. Lunt, Stephen Cumbie, Russell Marks, and Matt Weber are the principals in the fund’s general partner and are officers with NVCapital Advisors. Between them, they have over 80 years of experience.
This is the seventh investment for the Fund, which continues to seek commercial and residential real estate loans and equity investments in the greater Washington area. Previous transactions have included:
• A $4 million joint venture interest in Dominion Heights, a new 66-unit residential condominium with 8,000 square feet of retail space in the Cherrydale neighborhood of Arlington;
• A joint venture with The Bozzuto Group on a new 63-residence luxury condominium development, 460 New York Ave., NW in Washington, D.C.;
• A joint venture with the Trammell Crow Companies to develop a 55-acre mixed-use development at a future Corridor Cities Transitway stop in Germantown, Maryland
• The purchase of two 1st deed of trust distressed notes -- a well located age-restricted residential site in eastern Loudoun County and 94 fully-approved residential lots in Charlottesville; and
• The purchase of a warehouse in Manassas out of bankruptcy.