Financing Deal Closed for Major Arlington Revitalization Project
B.M. Smith & Associates and Carbon Thompson Development / Wachovia and RBS Close Construction Loan for Transit-Oriented Mixed-Use Development           

Arlington, VA and Dallas, TX, USA – February 26, 2009

B.M. Smith & Associates along with Carbon Thompson Development LLC has closed an $80 million construction loan for their Penrose Square mixed-use development on Columbia Pike in South Arlington. Wachovia Bank, NA and RBS Citizens, NA provided the financing. Guy Gravett, representing the land ownership partner, B.M. Smith, said “This is an A-plus project with A-plus partners - Carbon Thompson Development, Foulger-Pratt Construction, Wachovia and RBS – only a team like this could get financing in such a difficult market. How better to celebrate the 100th anniversary of B.M. Smith than to mark this new era for Columbia Pike.”

Penrose Square will consist of 299 luxury rental apartments, 97,000 square feet of retail space, which includes a new “flagship” Giant food store, and ample parking. It will occupy a four-acre parcel located approximately one-half mile from the Pentagon that is currently the location of the Adams Square Shopping Center. The current Giant grocery store on the site will temporarily close during construction but will maintain a pharmacy near the project site to serve the community.  Construction will commence by summer 2009 with completion expected by fall 2011. Foulger-Pratt Construction of Rockville, Md. will be the general contractor and the architect is Heffner Architects of Alexandria, Va.

Penrose Square is the result of a comprehensive two-year zoning process. Many groups, including the landowner (B.M. Smith & Associates), the developer (Carbon Thompson Development), the Columbia Pike Revitalization Organization, Arlington County and its Board of Supervisors, and community groups worked diligently to design a project consistent with the revitalization goals of Arlington and its citizens.

A key element of the project is Columbia Pike Town Square, a new city park. It will occupy land adjacent to the Pike that will be gifted by the project to the County.  “This new public square is just one of the amenities that the community has so long wanted,” said Jim Whittaker, Executive Director of the Columbia Pike Revitalization Organization. He went on, “It will create a sense of place for the district. This loan approval is just great news!”

About: B.M. Smith & Associates is an Arlington-based real estate management and development company, currently celebrating its 100th anniversary. B.M. Smith & Associates, Inc. has been serving the Columbia Pike area of South Arlington and all of Northern Virginia through multifamily residential housing and commercial endeavors since 1908.  www.bmsmithandassociatesinc.com

About: Carbon Thompson Development, LLC is a Northern Virginia-based company specializing in mixed-use developments. It is an affiliate  of Thompson Realty Corporation and the Carbon Companies, both of Dallas, Texas. Carbon Thompson Development currently has three large mixed-use projects in various stages of development in the Northern Virginia area. www.carbonthompson.com

About: Thompson Realty Corporation was established in 1980 in Dallas, Texas, by brothers John P. Thompson, Jere W. Thompson and Joe C Thompson, Jr.,  (the founding family of 7-Eleven convenience stores.) It is a full-service real estate firm specializing in the development, leasing, management and servicing of commercial and residential real estate, including mixed-use, office buildings, multifamily communities and single-family subdivisions. www.thompson-realty.com

About: The Carbon Companies of Dallas, Texas, are fully integrated real estate development and management companies engaged in multifamily, retail and commercial development, acquisition, construction and property management.  www.carbonlandmark.com

FUTURE COLUMBIA PIKE TOWN SQUARE
Public Park at Penrose Square

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