FCP PROVIDES $47.1 MILLION IN CAPITAL FOR 553-UNIT, GROCERY-ANCHORED, LUXURY APARTMENTS IN ARLINGTON, VA
FCP PROVIDES $47.1 MILLION IN CAPITAL FOR 553-UNIT, GROCERY-ANCHORED, LUXURY APARTMENTS IN ARLINGTON, VA |
| [09-October-2025] |
CHEVY CHASE, Md., Oct. 9, 2025 /PRNewswire/ -- FCP® announces it has provided $47.1 million in capital through its Structured Investments platform to finance the construction of a mixed-use development comprised of 553 luxury apartments, Mira and Ador, in two adjacent towers, anchored by an approximately 40,000 square foot grocery store. The development, located at the former Macy's building site at 685 N. Glebe Road, adjacent to the Ballston Quarter shopping mall, is being developed by Arlington-based Insight Property Group (Insight) in partnership with PGIM's real estate business.
"FCP is excited to be a part of the capital stack for this trophy development, which will bring 553 new apartment homes and a grocery component to Ballston," said FCP Senior Vice President, Billy Herbert. "This asset will provide exceptional access to its residents with an abundance of amenities within walking distance and connections to employers and key Washington, DC MSA regional destinations through the nearby Ballston-MU Metrorail station. We are thrilled to partner with top-tier sponsors, PGIM and Insight Property Group, the latter of which we have worked with on two prior developments, as well a top tier lender in Northwestern Mutual." "Insight is grateful for the support of, and partnerships with, the many people and organizations who have helped us to bring this project to a construction ground-breaking," said Insight Property Group Principal, Sarah Davidson. "Together, we expect to deliver an array of new homes and welcome new residents and retail partners that will reinforce Ballston's position as one of the Washington Metro area's most desirable and convenient places to live, work, and entertain friends and family." Mira and Ador will deliver two 16-story towers totaling 553 luxury apartment homes including 12 units affordable at 80% of AMI. Designed to LEED Gold certification standards, the two buildings will each offer their own package of unique amenities to create separate but complementary aesthetics and market appeal. The Ador amenities are designed to create a highly social environment, with a resident co-working lounge and hospitality bar, fitness center, penthouse-level piano lounge, and an array of outdoor dining and entertainment spaces, grilling stations, and dog amenities. Ador is designed with an elegant and refined boutique aesthetic and will feature a lobby hospitality area and coffee bar, private office rooms in the resident co-working space, fitness center and yoga studio, and a partitioned entertainment area and sunroom. Residents of both towers have access to a shared rooftop pool and sundeck and a variety of outdoor amenities. Resident parking will be underground, with grocery store customers accessing a separate parking deck with a dedicated entrance. Senior Managing Director Brian Crivella and Managing Directors Bill Gribbin and Yalda Ghamarian of Berkadia DC Metro arranged the preferred equity investment on behalf of the development team. Michael Zelin, Marshall Scallan, and Bindi Shah of Cushman & Wakefield arranged the senior loan. Also, Bill Collins, Paul Norman, and Shaun Weinberg of Cushman & Wakefield arranged the land sale. About FCP About Insight Property Group About PGIM PGIM's real estate business is the world's third-largest real estate investment manager, with $213 billion in gross assets under management and administration,2 and real estate professionals located in 30+ cities worldwide. Through our full suite of real estate equity and debt solutions, we aim to achieve exceptional outcomes on behalf of investors and borrowers. Our uncompromising commitment to building lasting relationships with our clients is founded on trust, transparency, and mutual respect. Prudential Financial, Inc. (PFI) of the United States is not affiliated in any manner with Prudential plc, incorporated in the United Kingdom, or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom. For more information, please visit news.prudential.com. 1 As of June 30, 2025. 2 As of June 30, 2025. Net AUM is $138 billion and AUA is $47 billion. PGIM Real Estate is the third-largest real estate investment manager (out of 72 firms surveyed) in terms of global real estate assets under management based on Pensions & Investments' "Largest Real Estate Investment Managers" list published October 2024. This ranking represents AUM as of 6/30/24. Participation in the ranking is voluntary and no compensation is required to participate in the ranking. About Northwestern Mutual Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company (NM), Milwaukee, WI (life and disability insurance, annuities, and life insurance with long-term care benefits) and its subsidiaries. Subsidiaries include Northwestern Mutual Investment Services, LLC (NMIS) (investment brokerage services), broker-dealer, registered investment adviser, member FINRA and SIPC; the Northwestern Mutual Wealth Management Company® (NMWMC) (investment advisory and services), federal savings bank; and Northwestern Long Term Care Insurance Company (NLTC) (long-term care insurance). Not all Northwestern Mutual representatives are advisors. Only those representatives with "Advisor" in their title or who otherwise disclose their status as an advisor of NMWMC are credentialed as NMWMC representatives to provide investment advisory services.
SOURCE FCP | ||||||||
Company Codes: NYSE:PRU |
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