NOVO Properties to Break Ground on The Grayson After Securing Construction Financing

Washington, DC – Avison Young today announced that it has arranged a construction loan on behalf of NOVO Properties (“NOVO”) for the development of The Grayson, a 119-unit multifamily project located in Alexandria, VA.  

Avison Young’s team was led by Jon Goldstein, Wes Boatwright and Mike Yavinsky, all Principals in the firm’s Washington, DC office.

The Grayson features a prominent location at the entrance to Old Town Alexandria on Route 1 and is located within walking distance to the Braddock Road metro station. The seven-story building will feature modern finishes, a robust amenity package, below-grade parking and ground-floor retail.

This transit-oriented development is poised to capture demand for high-quality apartments due to its proximity to Amazon’s HQ2 campus at National Landing and Virginia Tech’s Innovation Campus.

“The Grayson is an excellent development with several outstanding features, including its location at the gateway to Alexandria and its proximity to HQ2 and Virginia Tech’s Innovation Campus, as well as the timing of delivery that aligns with National Landing coming online,” Goldstein said. “NOVO has a great project and we’re thrilled to have helped arrange the capital stack for the development.”  

The construction loan was provided by EagleBank.

NOVO is a multifamily owner, developer and property management firm headquartered on Capitol Hill in Washington, DC. NOVO was founded in 2003 and has amassed a portfolio of approximately 2,000 apartment units across Washington, DC, Maryland, Virginia and Chicago.