HFF Secures $115M Financing for VA Development

The company arranged the loan on behalf of Combined Properties Inc. for the development of Scout on the Circle, a 551,000-square-foot mixed-use project in Fairfax, Va.

Scout on the Circle
Scout on the Circle

HFF has arranged $115.4 million in construction financing and preferred equity for Scout on the Circle, a 551,000-square-foot residential and retail development in Fairfax, Va. The company represented the developer, Combined Properties Inc. to secure the $100 million floating-rate construction loan and $15.4 million in preferred equity. The project is slated for completion by 2021.

The project includes three separate buildings on an 8.8-acre lot at 9500 Fairfax Blvd. Scout on the Circle will comprise a 54,000-square-foot, single-story grocery store, anchored by Giant, on the eastern corner of the asset, providing access to routes 50 and 655. The other two five-story buildings will feature a total of 400 luxury units and an additional retail space comprising 29,000 square feet. The asset will be within one mile of the Vienna Metrorail station, less than four miles from George Mason University campus and 20 miles from Washington D.C.’s CBD.

High-end amenities

Scout on the Circle apartments will feature high-end fixtures and finishes, stainless steel appliances, quartz countertops, kitchen islands, plank flooring, private outdoor terraces or balconies, keyless entry, full-size washers and dryers and walk-in closets. Community amenities will include:

  • lobby-lounge with coffee bar
  • business center
  • club room
  • screening room
  • pool table
  • fitness center
  • dog park
  • swimming pool
  • grilling areas
  • fire pits
  • outdoor dining areas
  • shuffleboard

HFF’s brokerage team included Susan Carras, Walter Coker, Brian Crivella, John Owendoff and Jordan Lex. In January, HFF also secured financing for the development of Hanover River Oaks, a 370-unit luxury tower in Houston.

Image courtesy of HFF