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| Rendering of planned 1008 North Glebe Apartments, Ballston Center Campus, Marymount University, Arlington, VA |
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| 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.
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| 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 | www.hfflp.com
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