HFF Shines Sun(Trust) on Arlington Mixed-Use Project

An Arlington mixed-use apartment and retail project has taken an important step towards the start of construction. This week, its developer, The Shooshan Co., managed to secure $62.5 million in financing for the development.
1008 N. Glebe

1008 N. Glebe

An Arlington mixed-use apartment and retail project got a boost toward construction with the awarding of $62.5 million in financing. Developer The Shooshan Co. secured the construction financing with help from HFF, which lined up SunTrust Bank. The HFF debt placement team was led by Sue Carras, Walter Coker and Brian Crivella.

Shooshan will use the infusion for the development of 1008 N. Glebe, a 15-story, Class A mixed-use property on Marymount University’s Ballston Center Campus. The project will be part of the Marymount University “Blue Goose” redevelopment. It will be controlled by Shooshan via a ground lease with the university. The new building will be LEED Gold certified and will feature 267 apartments and 3,000 square feet of retail space.

Marymount hired Shooshan in 2012 to evaluate its Ballston Campus and the 1960s-era office building it contained. The university intends to demolish the aging property and use the site for the development of two new buildings. One will be a Class A, 165,000-square-foot classroom/office building that will be owned by Marymount, while the other will be the apartment and retail tower at 1008 N. Glebe. The combined project is expected to be finished by the spring of 2017.

Photo credit: The Shooshan Co.