WASHINGTON, D.C. – Holliday Fenoglio Fowler, L.P. (HFF) announces it has arranged $29.1 million in preferred equity for the development of Faraday Park, a 407-unit multifamily community in Reston, Virginia.
HFF worked exclusively on behalf of the developer, Rooney Properties, to arrange preferred equity from Parse Capital.
Faraday Park will be prominently situated along the Dulles Toll Road at 1831 Michael Faraday Drive steps from the Wiehle-Reston East Metro Station. Located in North Virginia’s largest office market, the property is surrounded by more than 31.2 million square feet of mainly technology and defense employers, including Boeing, Booz Allen Hamilton, CACI, General Dynamics, Bechtel, Northrop Grumman, Raytheon, SAIC, Lockheed Martin and the U.S. headquarters for Amazon Web Services. Additionally, Faraday Park is one mile from the Whole Foods-anchored Plaza America, which features over 200,000 square feet of retail, and one and a half miles from Reston Town Center, which features over 425,000 square feet of retail.
The transit-oriented property’s construction will consist of two seven-story, podium-style residential buildings and two above-ground parking garages. Floor plans will include a variety of studio through three-bedroom units averaging 842 square feet. Faraday Park’s best-in-class amenity package will feature an expansive green area, rooftop swimming pool, state-of-the-art fitness center, gourmet kitchen and dining space, co-working space, dog park and a refrigerated package room. Construction at the site, which is currently improved with an office building, is slated to begin immediately.
The HFF equity placement team was led by Walter Coker and Brian Crivella.
“This investment is an endorsement of the strength of the Reston market and demonstrates the ability of experienced developers like Rooney to obtain capital for best-in-class projects,” Crivella said.
About Rooney Properties: Rooney Properties is a family office that invests in commercial real estate throughout the Washington, D.C. metro region. Through a combination of wholly owned assets and select joint ventures, Rooney Properties owns and develops multi-family residential, office and mixed-use properties. The Rooney team combines diverse backgrounds and skill sets, including acquisitions, investment management, complex entitlements, development, asset management and construction management.
About Parse Capital: Parse Capital is a leading provider of financing solutions to developers and financial sponsors for the development, recapitalization and acquisition of multifamily assets throughout the United States. Parse offers a range of creative financial structures, including stretch senior and subordinated debt, preferred stock and co-investment equity. For more information, please visit Parse’s website at parsecap.com
About HFF: HFF and its affiliates operate out of 26 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.