HFF has arranged a $71.1 million non-recourseloan for the development of The Place, a 17-story, 257-unit, class-A multifamily housing project in Arlington, Virginia.
HFF worked exclusively on behalf of Ashton Park Associates III LLC, an affiliate of the real estatefirm The Shooshan Company, to secure the construction financing through a major national bank.
The Place is located at 4000 Wilson Boulevard in the Rosslyn-Ballston Corridor of Arlington. Due for completion in 2013, the planned LEED Silver luxurywill have studio, one- and two-bedroom units with open floor plans and floor-to-ceiling windows offering views of Washington, D.C. Community amenities will include a concierge desk, fitness center, club room, private courtyard, movie screen and common area rooftop with plunge pools. The property will also include 8,500 sq. ft. of ground-floor retail space with outdoor café seating.
Upon completion, The Place will be the residential cornerstone of Founders Square, a 1.2 million-sq.-ft. mixed-use project with a goal of LEED Gold certification for a Neighborhood Development. Founders Square, which will be three-quarters complete by 2013, is planned to be a transit-oriented development convenient to two metro stations and will include, retail, office and multi-housing components centered on open public space.
“The loan is representative of the type of financing that is available for the best-in-class asset in a very strong submarket with sponsorship excellence,” HFF Managing Director Walter Coker said in a statement. “The loan was structured to be taken down by one senior lender with no syndication risk, and provide loan proceeds that allowed our client to maintain 100 percent equity ownership and maximum flexibility while borrowing at historically low interest rates,” he added.