Prnewswire·2025-10-09 13:16Core Insights - FCP® has provided $47.1 million in capital for the construction of a mixed-use development featuring 553 luxury apartments and a grocery store in Ballston, Virginia [1][2] - The project, named Mira and Ador, is being developed by Insight Property Group in partnership with PGIM's real estate business [1][2] - The development aims to enhance the residential and retail landscape of Ballston, providing exceptional access to amenities and transportation [2] Financial Details - The total investment for the project includes a preferred equity investment arranged by Berkadia DC Metro and a senior loan arranged by Cushman & Wakefield [3] - FCP has invested over $14.6 billion in gross asset value since its inception in 1999, focusing on both commercial and residential assets [4] Project Specifications - Mira and Ador will consist of two 16-story towers, with 12 units designated as affordable at 80% of AMI [2] - The buildings are designed to meet LEED Gold certification standards and will offer unique amenities tailored to different resident experiences [2] Developer and Partners - Insight Property Group has unlocked over $2.0 billion in investment opportunities since its founding in 2009, focusing on multifamily and mixed-use properties in the D.C. area [5] - PGIM, managing over $1.44 trillion in assets, is the third-largest real estate investment manager globally, with a strong focus on delivering diverse investment strategies [8]