WASHINGTON, DC - Holliday Fenoglio Fowler, L.P. (HFF) announced today that 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. 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.
About The Shooshan Company: Founded in 1986, The Shooshan Company is a privately owned investor and full-service developer, leading innovative real estate projects built on integrity and community commitment. The Shooshan Company has now planned, developed and invested in more than four million square feet of mixed-use space in Arlington, including some of the market’s most prominent office buildings, high-end residential high-rise buildings and most notable retail locations in Northern Virginia.
About HFF: HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.