Developer Refinances With Lender
By Douglas Tallman of Bethesda Magazine - See Source Article
Twenty residences, including six under contract, have been sold at the Estate Condominiums at Quarry Springs, putting the River Road project on a pace to sell half its high-end condos by year’s end, the developer said Friday.
The sales total $50.2 million, according to the 1788 Holdings, the Bethesda-based real estate investment company that focuses on the Washington, D.C., and suburban Maryland markets. The units range in price from $950,000 to $4.4 million.
Larry Goodwin, 1788’s principal, said the company was pleased with its recent sales pace, which resulted in the sale of three units since July and the recent signing of contracts for another six. In June, the developer’s goal for 2016 was to have 50 percent of the 50 units in the complex sold or under contract by year’s end.
“With 20 units spoken for as of today, we are highly confident that we will meet or beat our 25-unit high-end target this year,” he said.
The vast majority of the punch list was completed in August, and move-ins started in late September 2015.
Quarry Springs, a 13-acre site at 8101 River Road, has 50 condos in two buildings. Units measure between 2,200 and 4,500 square feet, and have wide-plank hardwood floors, balconies, walk-in showers and private elevators.
“It’s a custom home in a condo format,” Goodwin said.
The developer announced Friday that it had refinanced the $50 million balance on the project. The maturity date of the project’s financing has been extended with the current lender, a subsidiary of Apollo Commercial Real Estate Finance Inc., the company said. Certain unspecified terms of the project financing have been amended now that the construction is complete.
Goodwin said the refinancing provides the venture with financial flexibility to meet its obligations throughout the sales phase.
In the fall of next year, 1788 will start building two more buildings of condos, which will bring the total number of units to 97, Goodwin said.