The Bozutto Group, a real estate service company based in Maryland, and MGL Partners, a Denver-based development company announced Monday that the companies have closed financing and proceeded to break ground on The Frasier, according to a news release.
The Frasier is a $75 million apartment community located just across the Potomac River from Washington, DC, in the Alexandria area.
“We are very pleased that this development is moving forward,” said Toby Bozzuto, president of The Bozzuto Group in a prepared statement. “Bank of America and RBS Citizens are great long-term partners. The Frasier will be a significant addition to the Potomac Yard community and we look forward to being a part of the exciting development underway in the Crystal City-Potomac Yard-Alexandria corridor.”
The financing for the project consists a construction loan provided by Bank of America and RBS Citizens and equity provided by The Bozzuto Group and MGL Partners. The Bozutto Construction Company started construction on the project in September and the apartment community is expected to be completed in spring 2015.
“We’re thrilled to be partners in this project with The Bozzuto Group, who we view as the best integrated multifamily company on the East Coast,” said Mike Gerber, principal of MGL Partners.
The Frasier will be in an ideal location, near the Potomac Yard Center and near the Mount Vernon Trail. The apartment community will offer residents a courtyard with outdoor kitchen, television, and games; a lounge area with fire pit and waterfall feature; and a sparkling pool with sunning shelf. The community will also include a fitness center and yoga room and a great room that will include a game room and library.