Monday, October 9, 2017

HFF announces $55M financing for 213-unit apartment building in Fairfax, Virginia



Sue Carras
 WASHINGTON, D.C.-– Holliday Fenoglio Fowler, L.P. (HFF) announces $55 million in financing for Modera Fairfax Ridge, a 213-unit, best-in-class apartment building in Fairfax, Virginia.   

The HFF team worked exclusively on behalf of the borrower, a joint venture between Mill Creek Residential Trust LLC and The Olayan Group, to secure the seven-year, floating-rate loan with ING Capital LLC.  Loan proceeds were used to retire the existing construction financing.

Modera Fairfax Ridge is located at 3887 Fairfax Ridge Road just off U.S. Highways 50 and 66, two of Northern Virginia’s main arterial roads traveled by approximately 157,000 vehicles per day. 

The property is near several Fortune 500 companies, The Fair Oaks Mall, Fairfax County Government Center, George Mason University and Inova Fairfax. 

Completed in August 2016, Modera Fairfax Ridge offers a wide range of studio, one- and two-bedroom configurations with luxury features, including kitchen islands, stainless steel appliances, quartz countertops, walk-in closets, in-unit washers and dryers, nine-foot ceilings, private patios or balconies and keyless entry. 

Nicole Brickhouse

Community amenities include a hotel-inspired swimming pool, outdoor fire pit, grilling area, club-quality fitness studio, yoga/Pilates studio, cyber café, gaming and bar area with billiards, business center with conference room and direct-access garage parking.  The property is NAHB Green Building Program-certified and is more than 95 percent leased.

The HFF team representing the borrower included senior managing director Sue Carras, managing director Walter Coker, senior director Brian Crivella and director Nicole Brickhouse.

"HFF is pleased to have been part of such a successful transaction involving such an outstanding sponsor partnership and lender,” Coker said.  “This project represented a great opportunity for the ownership team to take advantage of aggressive financing terms available in today's capital markets for stabilizing multi-housing assets."

 For more information on this press release, please contact:

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


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