WASHINGTON, DC – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged construction financing and joint venture equity for the development of The Signet, a 123-unit luxury condominium community in downtown McLean, Virginia.
HFF worked on behalf of the developer, an affiliate of The JBG Companies, to arrange construction financing provided by EagleBank and joint venture equity from Clark Enterprises.
The Signet will be constructed on an existing surface parking lot adjacent to 6862 Elm Street, a 109,000-square-foot office building purchased by the developer in 2009. The transit-oriented property, walkable to the retail and restaurants in downtown McLean, will be approximately two miles from the McLean Metro station and will offer convenient access to all of the Washington, D.C. metropolitan area via Interstate 495, the Dulles Toll Road and George Washington Memorial Parkway. The Signet will encompass 108 market-rate homes averaging 1,844 square feet and 15 workforce condominiums averaging 849 square feet, as well as 5,033 square feet of ground-floor retail and a four-level parking garage. This new community will offer unparalleled amenities, including a landscaped courtyard with water feature, grilling stations, resort-style dining areas, resident lounge and clubroom, fitness center with private saunas and steam rooms, park with play areas, trail with exercise equipment, electric car charging stations and concierge services. Homes will feature nine-foot ceilings, hardwood floors, custom millwork, Thermador appliances, stone kitchen countertops, raised-panel wood cabinetry, fireplaces, upgraded closet shelving and large outdoor terraces and balconies.
The HFF team representing the developer was led by Sue Carras, Walter Coker and Brian Crivella.
According to HFF, this project has been in the planning stages for several years taking into consideration the input of the many constituents of the McLean market. Due for completion in 2018, the Signet will be the first condo-style, single-level living option to deliver in this high-barrier-to-entry market in more than 10 years.
About The JBG Companies: Headquartered in Chevy Chase, Maryland, The JBG Companies is a private real estate investment firm that develops, owns and manages office, residential, hotel and retail properties. The company has more than $10 billion in assets under management and development in the Washington, D.C. area. Since 1960, JBG has been active in the areas where it invests, striving to positively impact local communities. For more information, please visit www.JBG.com or find them on Twitter @TheJBGCompanies and Facebook www.facebook.com/TheJBGCompanies.
About Clark Enterprises, Inc. Clark Enterprises, Inc. (CEI) was founded in 1972 as the parent holding company of the Clark Construction Group, LLC, one of the largest privately-held general contractors in the U.S. Through strategic planning, CEI is now a highly-successful, diversified investment company that concentrates its investment activities in real estate, private equity/venture capital and financial markets. CEI’s executive management represents decades of sophisticated, successful deal-making experience, and CEI's diversified portfolio has produced significant positive returns in all types of markets. Learn more at www.clarkenterprisesinc.com.
About Eagle Bancorp, Inc. and EagleBank: Eagle Bancorp, Inc. is the holding company for EagleBank, which commenced operations in 1998. EagleBank is headquartered in Bethesda, Maryland, and conducts full service commercial banking through 21 offices, located in Montgomery County, Maryland, Washington, D.C. and Northern Virginia. EagleBank focuses on building relationships with businesses, professionals and individuals in its marketplace.
About HFF: HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 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.