TIAA-CREF backs Virginia high-rise community

Jefferson Apartment Group secured a $65 million loan to refinance loan for Tellus Apartments, a LEED Gold, mixed-use, high-rise community in Arlington, Virginia.

Teachers Insurance Annuity Association — College Retirement Equities Fund (TIAA-CREF) provided the 15-year loan, which matures in December 2030.

Jefferson Apartment Group developed the 16-story property, consisting of 254 luxury apartments with 11,800 sq ft of retail, with partner Erkiletian Real Estate Services, completing construction last year.  The property is managed by JAG Management Co.

“This loan replaces our construction loan and gives us excellent long-term financing,” said James Duncan, CFO at Jefferson Apartment Group, according to Multi-Housing News. “This is consistent with our strategy to continue to build a portfolio of well-located assets.”

Tellus Apartments is located in the Rosslyn-Ballston Corridor, two blocks from the Courthouse Metro (Orange and Silver lines), an easy commute to downtown Washington, DC, and the Northern Virginia.

Amenities include a rooftop pool and overlook deck, fitness center, party room, cyber café, as well as a 273-space parking garage, available to both residents and retail visitors.

At the time of closing, the community was approximately 93 percent leased. HFF arranged the financing.

LEED Gold certification is an environmental recognition from the US Green Building Council.