A joint venture between the NRP Group and PointOne Holdings has obtained $94.3 million to refinance debt associated with The Rylan, a 390-unit luxury community in Tysons Corner, Va. KeyBank Real Estate Capital secured the Freddie Mac, fixed-rate loan.
The developer obtained a $80.6 million construction loan originated by Fifth Third Bank in 2020, according to Yardi Matrix data.
The five-story, Class A community broke ground that same year, coming online in 2023. The unit mix consists of one, two and three-bedroom floorplans, ranging from 566 to 1,378 square feet, with 56 being designated as affordable. Select layouts also feature private balconies or patios.
Common-area amenities at the almost 5-acre property include a clubhouse with gaming rooms, fitness center, infinity edge swimming pool, outdoor grilling areas and jogging paths, as well as a dog park and pet spa. The community also has electric vehicle charging stations and about 440 parking spaces.
Located at 1768 Old Meadow Rd, the mid-rise is within walking distance of a host of dining and retail destinations, including the Tysons Corner Center shopping mall. Downtown Washington, D.C., is 14 miles southeast.
KeyBank Real Estate Capital Senior Vice Presidents Rob Garrison and Anthony Tavrell structured the financing.
NRP Group has developed more than 59,000 units across the U.S., with more than half of them being designated as affordable. The company’s portfolio is valued at $10 billion and comprises more than 300 real estate assets.
Last month, a partnership between the NRP Group and Marshall Heights Community Development Organization Inc. broke ground on Emblem, a 115-unit affordable housing community in Washington, D.C. The project is slated for completion in 2026.
Earlier this year, a joint venture between the company and Forward Thinkers Development opened The Renaissance at Lincoln Park, a 179-unit affordable housing community in New Rochelle, N.Y. The $100 million project broke ground in 2020.