WASHINGTON, DC – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged $65 million in financing for Tellus, a 254-unit, 16-story, Class A mixed-use community in Arlington, Virginia’s Courthouse neighborhood.
HFF worked exclusively on behalf of the developer, a joint venture between Jefferson Apartment Group and Erkiletian Development Company, to secure the 15-year, fixed-rate loan through TIAA-CREF. Loan proceeds were used to replace construction debt on the property, which is managed by JAG Management Co.
Tellus is located at 2009 14th Street North two blocks from the Courthouse Metro (Orange and Silver lines) in the heart of Arlington’s Rosslyn-Ballston Corridor. Completed in 2014, the transit-oriented property offers views of downtown Washington, D.C. and has studio, one- and two-bedroom units averaging 789 square feet each. The LEED Gold property features a rooftop swimming pool, indoor yoga studio, state-of-the-art fitness center, business center, oversized courtyard, cyber café, 273-space parking garage and more than 13,300 square feet of street-level retail and office space. At closing, the residential portion of the property was 93 percent leased.
The HFF team was led by Sue Carras, Walter Coker and Brian Crivella.
About Jefferson Apartment Group
Jefferson Apartment Group is a full-service real estate firm specializing in multifamily and mixed-use real estate investments through its acquisition, development, construction and property management services. The company focuses on urban, transit-oriented assets located in high barrier-to-entry markets on the East Coast.
About Erkiletian Development Company
For more than 40 years, Erkiletian Development Company has developed, constructed and owned properties that have earned the company a reputation as one of the most trusted names in the Washington, D.C. real estate and business community. Today, its portfolio of residential, commercial and mixed-use communities is proof of the company’s dedication to creating pleasing and effective environments that flourish and grow into desirable destinations.
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.