The Sur
Arlington, VA

Client
Erkiletian Development Company

Description
Erkiletian Development Company closed on a $141,789,000 bridge loan from global investment firm KKR to recapitalize The Sur, a recently delivered Class-A 360-unit luxury apartment community in the National Landing submarket of Arlington, Virginia near Amazon’s HQ2 and Virginia Tech’s Innovation Campus in Potomac Yard. Phillips Realty Capital structured as a three-year, non-recourse, interest-only bridge loan with extension options, with proceeds being used to recapitalize the construction capital stack, with reserves funding additional lease-up costs.

Structuring
$141.789,000 Lease-Up Bridge Financing from KKR