HFF Arranges Debt Construction Financing, Joint Venture Equity for Class A Community
- Apr 21, 2014
Washington, D.C.—HFF, led by a debt placement team of Walker Coker and Brian Crivella, has announced that it has brokered the debt construction financing and joint venture equity for NOVUS Odenton Station in Odenton, Md. The borrower is NOVUS Residences LLC, which is targeting completion of the Class A, transit-oriented community by early 2015.
The four-year construction loan went through Eagle Bank, and joint venture equity was secured through Clark Enterprises.
NOVUS Odenton Station will be located in Odenton at the northeast corner of Hale Street and Nevada Avenue within walking distance of Odenton’s town center. The Odenton MARC transit station, which offers commuters direct rail access to Baltimore and Washington, D.C.’s Union Station, is located a half-mile away. Residents commuting by vehicle will enjoy convenient access to Maryland Route 175—a block away—and Maryland Route 32, which serves as the primary transit corridor to the National Security Administration headquarters in nearby Fort Meade, Md.
The community itself will offer a mix of one-, two- and three-bedroom floor plans with an assortment of community amenities including a 5,000-square-foot fitness center with yoga and cycling studios, pet grooming spa, a bicycle workshop, private park space, an outdoor swimming pool, a movie theater room and clubroom with billiards area.
NOVUS Residences LLC formed in 2011 and is the multifamily component of Cafritz Interests, which represents a partnership between Conrad Cafritz, former Archstone senior vice president Robert Seldin and operations expert Melanie Domres. The company focuses on value creation via property development, acquisition, adaptive reuse, construction management, asset management and property operations. NOVUS has placed emphasis on growth opportunities in the Washington, D.C., metro area and plans to expand throughout the United States.