Combined Properties secures $115.4 million in financing for NoVa project
Holliday Fenoglio Fowler (HFF) announced $115.4 million in construction financing and preferred equity Wednesday for a 551,000-square-foot, mixed-use residential and retail development in Fairfax.
The project by developer Combined Properties Inc. would be known as Scout on the Circle. It would include three buildings: a 54,000-square-foot, single-story grocery store with frontage on Fairfax Boulevard/Route 50 and Blake Lane/Route 655 along with two five-story luxury apartment buildings. The 400 units would be built above ground-floor retail of about 29,000 square feet.
The property will be located a mile from the Vienna Metro station, 3.6 miles from George Mason University campus and about 20 miles from Washington, D.C.
In addition to the retail component and transit-oriented location, apartment amenities would include a lobby lounge with coffee bar, business center, clubroom with fireplace, fitness center and outdoor dog park. The community also will offer two outdoor courtyards with a swimming pool, grilling areas, fire pits, outdoor dining areas and an outdoor ping-pong table. The project is scheduled to be completed in 2021.
The HFF team representing Combined Properties included Susan Carras, Walter Coker, Brian Crivella, John Owendoff and Jordan Lex.
Combined Properties, which has offices in Washington, D.C., and Beverly Hills, Calif., has a $1 billion portfolio of 39 retail and mixed-use properties totaling 4.8 million square feet and a $1.4 billion development pipeline in the Washington and Southern California metro areas.