WASHINGTON, D.C. – HFF announced that it has arranged a $71.1 million non-recourse construction loan for the development of The Place (top left rendering), a 17-story, 257-unit, Class A multi-housing project in Arlington, Virginia.
HFF worked exclusively on behalf of Ashton Park Associates III, LLC, an affiliate of the Shooshan Company, to secure the construction financing through a major national bank.
The Place is located at 4000 Wilson Boulevard in the Rosslyn-Ballston Corridor of Arlington. Due for completion in 2013, the planned LEED Silver luxury property will have studio, one- and two-bedroom units with open floor plans and floor-to-ceiling windows offering views of Washington, D.C.
Community amenities will include a concierge desk, fitness center, club room, private courtyard, movie screen and common area rooftop with plunge pools. The property will also include 8,500 square feet of ground-floor retail space with outdoor café seating.
Upon completion, The Place will be the residential cornerstone of Founders Square, a 1.2 million-square-foot, mixed-use project with a goal of LEED Gold certification for a Neighborhood Development.
Founders Square, which will be three-quarters complete by 2013, is planned to be a transit-oriented development convenient to two metro stations and will include hotel, retail, office and multi-housing components centered on open public space.
The HFF team representing the borrowers was led by senior managing director Sue Carras (middle left photo), managing director Walter Coker (top right photo) and director Brian Crivella (lower right photo).
“The loan is representative of the type of financing that is available for the best-in-class asset in a very strong submarket with sponsorship excellence, said Coker.
"The loan was structured to be taken down by one senior lender with no syndication risk, and provide loan proceeds that allowed our client to maintain 100 percent equity ownership and maximum flexibility while borrowing at historically low interest rates ,”
Contact:
SUSAN CARRAS
HFF Senior Managing Director
(202) 533-2500
KRISTEN MURPHY
HFF Associate Director, Marketing
(713) 852-3500
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