April 24, 2008 – Developers Cypress Equities and Kettler, and global private equity firm The Carlyle Group, announced today the closing of $217 million in construction loan proceeds for The Village at Leesburg development in Leesburg, Virginia. Located at Route 7 and Crosstrail Boulevard, The Village at Leesburg is a 1.2 million square foot vertically-integrated, four-story village consisting of residential, retail, restaurants and office. Sovereign Bank is the administrative agent for several national and local financial institutions that are providing the loan for the project.
“The Village at Leesburg captures the sense of the city by bringing a high level of fashion, dining, and entertainment with nationally recognized premier retailers,” said Richard W. Hausler, President of Kettler. “This closing proves quality projects in desirable locations are still moving forward.”
Encompassing traditional planning and design characteristics with an upscale urban feel, The Village at Leesburg will be a welcome destination for residents of the Washington, DC metropolitan area. The open-air shopping center will feature a Wegmans Food Market, a family owned supermarket chain known for its innovation and customer service. Additionally, there is a strong commitment from a number of local and regional retail stores and premier restaurants new to the area along with several premium national specialty retailers.
The Village at Leesburg is accessed by a new interchange, which bridges Route 7 and has approaches to and from River Creek Parkway to the north and Crosstrail Boulevard to the south of Route 7. The $31 million interchange is under construction and expected to open by July 2009. The Village Center is scheduled to be completed in Spring of 2010. Cypress Equities will develop the retail portion of the project, while Kettler will develop the office and residential components of the project including 335 luxury apartments.
About The Carlyle Group
The Carlyle Group is a global private equity firm with $81.1 billion under management committed to 60 funds. Carlyle invests in buyouts, venture & growth capital, real estate and leveraged finance in Africa, Asia, Australia, Europe, North America and South America focusing on aerospace & defense, automotive & transportation, consumer & retail, energy & power, financial services, healthcare, industrial, infrastructure, technology & business services and telecommunications & media. Since 1987, the firm has invested $43.0 billion of equity in 774 transactions for a total purchase price of $229.3 billion. The Carlyle Group employs more than 1,009 people in 21 countries. In the aggregate, Carlyle portfolio companies have more than $87 billion in revenue and employ more than 286,000 people around the world. www.carlyle.com
About Cypress Equities
Cypress Equities was formed in 1995 as the development affiliate of The Staubach Company. With 7 development offices in Dallas, Atlanta, New York, Phoenix, San Francisco, Fort Lauderdale and Nassau, Bahamas, it is an independent company with a dedicated staff that focuses on portfolio acquisitions, build-to-suits, project development, sale-leasebacks and other development services for retail, automotive, hotel and resort property. Cypress Equities is currently developing over $3 billion in projects across the country.
About Kettler
Founded by Robert C. Kettler in 1977, Kettler is among the largest private real estate and property management companies based in the DC metro area and was awarded the 2008 Pillars of the Industry Award for Property Management Firm of the Year by the National Association of Homebuilders. The firm’s diverse business model has led to the delivery of five million square feet of commercial space and over 50,000 homes in its master-planned communities and condominiums. Kettler’s rental portfolio includes high-end, market rate, affordable and fee managed assets. Currently, Kettler is developing commercial, resort and transit-oriented mixed-use projects. www.kettler.com
