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| Bell Dell Ray rendering, Alexandria, VA |
WASHINGTON, D.C. – HFF announced it has secured construction
financing and joint venture equity for
the development of Bell Del Ray, a 276-unit, Class A multi-housing
community in Alexandria, Virginia.
HFF was engaged by a joint venture between Woodfield
Investments, Arsenal Real Estate Partners, LLC and The Davis Companies to
secure equity and debt capitalization for development of the project. The debt for the project was secured through
Sovereign Bank while the equity was provided by Bell Partners Fund IV.
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| David Nachison |
In addition to the 276 apartment homes that average 843
square feet each, the five-story community will include 3,513 square feet of ground-floor
retail. Community amenities will
include a courtyard swimming pool, outdoor fireplaces, state-of-the-art fitness
facility, club room and gaming/theatre room.
Bell Del Ray will be
located at the south end of Alexandria’s 167-acre master-planned Potomac Yard,
a mixed-use community that when complete will include more than four million
square feet of office space, 1.1 million square feet of retail and dining,
3,200 residential units, a 300-room hotel and more than 60 acres of park land.
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| Alan Davis |
The HFF team representing the borrower was led by senior
managing directors Dave Nachison, Alan Davis and Sue Carras, and
managing directors Walter Coker and Brian Crivella.
“Located within the already successful Potomac Yard project,
Bell Del Ray will enjoy unique advantages including its location within easy
walking distance of both the Braddock Road Metrorail station and the very
desirable Del Ray neighborhood, which provides access to an appealing
assortment of independently-owned specialty food shops, art galleries, cutting
edge restaurants and coffee houses,” said Nachison.
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| Sue Carras |
“Location and market-proven sponsorship are vitally
important in capitalizing development sites today and the market clearly
responded to the strong examples of these elements at Bell Del Ray,” added
Coker.
Woodfield Investments is a premier developer of Class A
multifamily communities in the Mid-Atlantic region. The partners at Woodfield Investments share more than 140 years
of experience and have developed 38 apartment communities representing 11,506
units at a value exceeding $1.4 billion.
Arsenal Real Estate Partners, LLC, is a private real estate
investment management firm serving a variety of clients that include pension
plans, foundations, endowments and high net worth individuals.
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| Walter Coker |
The Arsenal
partners have a successful track record of investing as fiduciaries in all
property types, including multifamily, office, retail, industrial, self-storage
facilities, and land.
Arsenal invests in
cash-flowing core properties as well as in ventures with leading operating
partners to develop, redevelop and reposition real estate in major markets in
the United States. The Arsenal partners
have invested in 78 residential projects across 17 states and in the District
of Columbia. These investments
represent more than $2.5 billion in gross investment.
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| Brian Crivella |
Founded in 1976, The Davis Companies
(www.thedaviscompanies.com) has earned a reputation for integrity, creativity
and excellence, making it one of the premier real estate investment, development
and management firms in the Northeast U.S.
Through the years and across multiple real estate cycles, the company
has applied a disciplined and value-oriented investment approach. Today, The Davis Companies,
together with its affiliates, owns and manages a real estate portfolio of
approximately seven million square feet.
Bell Partners Inc. is a private real estate company focused
primarily on the acquisition and management of high-quality apartment
communities located in the Mid-Atlantic, Southeast and Southwest United
States.
For a complete copy of the company’s news release, please
contact:
Kristen M. Murphy
Associate Director
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3500 | cel 617.543.4873 | fax 713.527.8725 | www.hfflp.com
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