HFF secures construction financing and equity for apartments in Alexandria
- November 28, 2012
Holliday Fenoglio Fowler L.P. (HFF) has secured construction financing and joint venture equity for the development of Bell Del Ray, a 276-unit,apartment project in Alexandria.
HFF was engaged by a joint venture between Woodfield Investments, Arsenal Real Estate Partners LLC and The Davis Cos. to secure equity and debt capitalization for development of the community located in the Potomac Yard mixed-use community.
Debt for the project was secured through Sovereign Bank while the equity was provided by Bell Partners Fund IV. In addition to the 276 apartment homes, the five-story project will include 3,513 square feet of ground-floor retail. Community amenities will include a swimming pool, outdoor fireplaces, fitness facility, club room and gaming/theatre room.
Bell Del Ray will be located at the south end of Potomac Yard, a 167-acre, mixed-use community that when complete will include more than four million square feet of office space, 1.1 million square feet of retail and dining, 3,200 residential units, a 300-room hotel and more than 60 acres of park land.
“… Bell Del Ray will enjoy unique advantages including its location within easy walking distance of both the Braddock Road Metrorail station and the very desirable Del Ray neighborhood, which provides access to an appealing assortment of independently-owned specialty food shops, art galleries, cutting edge restaurants and coffee houses,” Dave Nachison, a managing director at HFF, said in a statement.
Woodfield Investments is a major developer of Class A multifamily communities in the mid-Atlantic region. The partners at Woodfield have developed 38 apartment communities representing 11,506 units at a value exceeding $1.4 billion.
Bell Partners Inc., based out of Greensboro, is a private real estate company focused primarily on the acquisition and management of high-quality apartment communities located in the mid-Atlantic, Southeast and Southwest United States. The National Multi-Housing Council lists Bell Partners as the 10th largest apartment operator in the U.S., with a management portfolio of about 65,000 homes.
HFF operates out of 21 offices nationwide and is a provider of commercial real estate and capital markets services to the U.S. commercial real estate industry.