HFF announces $55M financing for 213-unit apartment building in Fairfax
Holliday Fenoglio Fowler L.P. (HFF) has announced $55 million in financing for Modera Fairfax Ridge, a 213-unit apartment building in Fairfax.
HFF worked on behalf of the borrower, a joint venture between Mill Creek Residential Trust LLC and The Olayan Group, to secure the seven-year, floating-rate loan with ING Capital LLC. Loan proceeds were used to retire the existing construction financing.
Modera Fairfax Ridge is located at 3887 Fairfax Ridge Road just off U.S. Highways 50 and 66. The property is near several Fortune 500 companies, The Fair Oaks Mall, Fairfax County Government Center, George Mason University and Inova Fairfax.
Completed in August 2016, Modera Fairfax Ridge offers a range of studio, one- and two-bedroom apartments with modern amenities. Community amenities include a swimming pool, outdoor fire pit, grilling area, fitness studio, yoga/Pilates studio, cyber café and business center with conference room. According to HFF, the property is more than 95 percent leased.
The HFF team representing the borrower included Senior Managing Director Sue Carras, Managing Director Walter Coker, Senior Director Brian Crivella and Director Nicole Brickhouse.
In another transaction for HFF, the company assisted in the refinancing of King Street Metro Place, a 141,253-square-foot, Class A office building in Alexandria.
The HFF team represented the borrower, Stockbridge, in securing the floating-rate bank financing.