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| 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.
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| 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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