Saturday, August 15, 2015

HFF arranges $62.5 million financing for development of leasehold interest in 1008 North Glebe in Arlington, VA

Rendering of planned 1008 North Glebe Apartments, Ballston Center Campus,
Marymount University, Arlington, VA

Sue Carras
WASHINGTON, D.C. –  Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged $62.5 million in financing for the development of the leasehold interest in 1008 North Glebe, a to-be-built, 15-story, 267-unit, Class A mixed-use apartment and retail property situated on Marymount University’s Ballston Center Campus in Arlington, Virginia. 

HFF worked on behalf of the developer, The Shooshan Company, to secure the construction financing with SunTrust Bank.   

The Shooshan Company was selected by Marymount University in 2012 to evaluate their Ballston Campus, a 110,000-square-foot site with a 1960’s-era office building that Marymount purchased in 1992 as an extension to their main campus. 

A site plan was approved whereby Marymount could demolish the aging classroom building and redevelop the site into two new buildings: a Class A 165,000 square foot classroom/office building owned by Marymount, and a Class A mixed-use apartment and retail tower owned by an affiliate of The Shooshan Company on a leasehold interest in the land. 

Walter Coker
1008 North Glebe is prominently situated at the corner of North Glebe Road, North Fairfax Drive and Interstate 66 in the transit-oriented Rosslyn-Ballston Corridor.  The combined project is expected to be complete by spring of 2017.

The HFF debt placement team representing the borrower was led by Sue Carras, Walter Coker and Brian Crivella.

“The Shooshan Company is one of the metro area’s leading developers and SunTrust has become one of its most important lenders having financed this project and The View in Ballston,” said Carras.

For a complete copy of the company’s news release, please contact:

Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza Suite 700 | Houston, Texas 77046
tel 713.852.3403 | fax 713.527.8725 |

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