DEAL OF THE DAY: Apartment and Retail Tower Set to Rise in Arlington
The Shooshan Co. lands financing for a leasehold interest development.
Arlington, Va.—Full-service developer The Shooshan Co. has landed $62.5 million from SunTrust Bank to erect a 15-story, 267-unit mixed-use tower in Arlington, Va. The Class A mixed-use apartment and retail asset will rise at 1008 North Glebe Rd. on Marymount University’s Ballston Center Campus. HFF arranged the financing for the development of the leasehold interest.
In 2012 The Shooshan Co. was tapped by Marymount to evaluate the 110,000-square-foot site that contained a 1960’s-era office building the school picked up in 1992 as an extension of their main campus. A site plan was approved where Marymount could demolish the aging classroom building and redevelop the site into two new buildings: a Class A 165,000-square-foot classroom/office building owned by Marymount, and a Class A mixed-use apartment and retail tower owned by a Shooshan affiliate.
Completion of the new apartment and retail asset is expected by spring of 2017. The HFF debt placement team representing the borrower was led by Sue Carras, Walter Coker and Brian Crivella.