Hines Interests LP, Urban Atlantic Development LLC and Triden Development Group closed the financing and transfer of two land parcels for 400,000 square feet of new construction at the 66-acre The Parks at Walter Reed redevelopment project in Washington, D.C.
Hines, Urban Atlantic and Triden, in partnership with PGIM Real Estate, plan to build The Vale, a 301-unit apartment building with 18,300 square feet of retail on a 2.25-acre site at the development using financing from Capital One. Urban Atlantic, Hines and Triden will also build the 89-unit The Brooks condo building on an adjacent site, using financing from Grosvenor Americas and EagleBank.
The Parks is a public-private partnership with the District of Columbia that will feature more than 3.1 million square feet of new construction. PGIM Real Estate is the investment management business of Prudential Financial Inc.