Duball Secures $58.6M Loan for Downtown D.C. Office-to-Residential Conversion

Rockville-based developer Duball has secured a $58.6M construction loan from Eagle Bank for its 150-unit office-to-residential conversion project at 1090 Vermont Ave. NW in Washington D.C. The $100M development, which Duball and an institutional partner acquired for $23.1M, is set to begin physical improvements within 45 to 60 days. This financing marks a key step in transforming the 160K SF office building into apartments with ground-floor retail.

In other regional news, Middleburg Communities is relocating its headquarters to Tysons, Virginia, signing a 27,800 SF lease at Lerner Enterprises’ 1800 Tysons Blvd. Additionally, the 157-unit Aviator House, another office-to-residential conversion in D.C.'s Dupont Circle, recently opened, benefiting from the city's Housing in Downtown 20-year tax abatement and including 16 affordable units. Fairfax County’s housing authority also acquired 2 acres near the Innovation Center metro for $23M, planning up to 400 affordable units. These transactions highlight continued investment in adaptive reuse, affordable housing, and commercial leasing within the D.C. metropolitan area, signaling ongoing development opportunities and policy support for housing initiatives.