WASHINGTON--(BUSINESS WIRE)--Holliday Fenoglio Fowler, L.P. (HFF) announces $115.4 million in construction financing and preferred equity for Scout® on the Circle, a 551,000-square-foot, mixed-use residential and retail development in Fairfax, Virginia.
The HFF team worked exclusively on behalf of the developer, Combined Properties, Incorporated, to arrange a $100 million, floating-rate construction loan and $15.4 million in preferred equity.
Scout® on the Circle will be a premier mixed-use community with three individual buildings: a 54,000-square-foot, single-story grocery store on the eastern corner of the property with prominent signage and frontage on Fairfax Boulevard/Route 50 and Blake Lane/Route 655 along with two five-story luxury apartment buildings above ground-floor retail podiums encompassing a total of 400 apartments and approximately 29,000 square feet of retail. The property will be located one mile from the Vienna Metrorail station, 3.6 miles from the 817-acre George Mason University campus and 20 miles from Washington, D.C.’s CBD. Units will offer residents high-end fixtures and finishes, stainless steel appliances, quartz countertops, kitchen islands, plank flooring, private outdoor terraces or balconies, keyless entry, full-size washers and dryers, and walk-in closets. In addition to the retail component and transit-oriented location, amenities will include a lobby lounge with coffee bar, business center with three separate meeting areas, club room with fireplace, screening room, pool table, fitness center and outdoor dog park. The community will also feature two outdoor courtyards incorporating a swimming pool, grilling areas, fire pits, outdoor dining areas, shuffleboard, open green spaces with water features and an outdoor ping pong table. The project is due for completion in 2021.
The HFF team representing the developer included Susan Carras, Walter Coker, Brian Crivella, John Owendoff and Jordan Lex.
About Combined Properties, Incorporated
Combined Properties, Incorporated has a $1 billion portfolio comprised of 39 retail and mixed-use properties totaling 4.8 million square feet and a $1.4 billion development pipeline in the Washington, D.C. and Southern California metropolitan areas. Since its founding by Chairman Ronald S. Haft, Combined Properties has always looked for the true potential of a commercial property. The company strives to apply its expertise in development, finance, leasing and asset management to shape projects into innovative retail and residential environments that instill pride in the people that live and shop there. For more information, visit: http://www.combined.biz/.
HFF and its affiliates operate out of 25 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.