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The Gramercy at Metropolitan Park

Overview

• Kettler completed construction on The Gramercy, an award winning luxury high-rise rental community designed by world-renowned architect Robert A.M. Stern in 2007. The 18-story masonry building contains 399 rental apartment units, including 20 affordable units and 11,300 square feet of ground floor retail space.


• The project includes 135 unique floor plans, ranging from studios to 18-th floor two-story penthouses and ground floor loft units with private courtyard entrances. Standard unit features include maple cabinetry, granite countertops, stainless steel appliances, cultured marble vanities and ceramic tile in the foyer, kitchen and bath. Penthouse unit upgrades include wood flooring, granite and cherry cabinetry.


• Resident amenities are located on the first floor and the top floor of the building and include a 24-hour front des, business center, conference room, swimming pool and sundeck, theater room, Internet café, library, club room, fitness center and gated courtyard.


• The Gramercy is the first of eight phases of Metropolitan Park, a 16-acre high-density, master planned urban infill redevelopment project. Metropolitan Park is a result of a multi-year master planning process between Kettler, Arlington County, the community and the world-renowned architecture firm, Robert A. M. Stern Architects. The process commenced in 2000 and involved countless meetings with adjacent community associations and Arlington County. After significant negotiations and compromise, Arlington County approved a final master plan for the area in early 2004. Upon completion, Metropolitan Park will consist of eight residential buildings containing 3,212 residential units and 100,000 square feet of retail.


• In addition to managing the Master Planning and rezoning of the 16-acre Metropolitan Park are, Kettler successfully overcame a number of challenges to develop The Gramercy including: The buy-out of an existing 99-year ground lease, tenant relocation and demolition of existing warehouses on the site, environmental remediation and protection of critical fiber optic lines serving the Pentagon.


• The acquisition of the underlying land in September 2007 was critical to the successful arrangement of the $130 million construction loan. In 2009, Kettler assumed the sponsorship of the project, renegotiated the construction loan and arranged $17 million in mezzanine financing from ING Clarion. This recapitalization provided sufficient funds to satisfy the remaining costs to complete. Both loans were repaid well ahead of schedule.