April 30, 2020
Washington Property Company (WPC) has broken ground for Solaire 8200 Dixon, a 403-unit, 26-story apartment tower in the heart of the Ripley District in downtown Silver Spring, MD. Clark Construction Company is on track to deliver the first apartments in mid-2022.
WPC has partnered with the Cresset-Diversified QOZ Fund to provide equity for the project. This fund is a joint venture between Cresset Partners and Diversified Real Estate Capital, both of Chicago, which earlier this year closed a $470-million fund to invest in real estate projects located in Qualified Opportunity Zones.
Solaire 8200 Dixon, which will be Silver Spring’s tallest tower and will include the community’s first food hall, is one of the seven projects included in the fund.
WPC also has closed a $92-million construction loan from New York City-based AXA Equitable Life Insurance Company. The project’s total development cost is $163 million.
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