Mill Creek Secures $55M Loan for NoVa Community
- Oct 05, 2017
A joint venture between Mill Creek Residential Trust and The Olayan Group secured a financing loan for Modera Fairfax Ridge, a luxury apartment community in Fairfax, Va. The seven-year, floating-rate loan of $55 million was obtained from ING Capital. Proceeds were used to retire the existing construction financing. Senior Managing Director Sue Carras, Managing Director Walter Coker, Senior Director Brian Crivella and Director Nicole Brickhouse made up the HFF team that represented the borrower. Mill Creek broke ground earlier this year on another upscale community in Dallas, with financing provided by UMB Bank.
Newly commissioned, almost full
Modera Fairfax Ridge was completed last year and currently sits at 96 percent occupancy. It is located at 3887 Fairfax Ridge Road, near the intersection of Interstate 66 and Highway 50. The two buildings making up the property sit on approximately 6.8 acres and feature 213 units, of which 150 are wrapped around a garage, while 63 are in a podium-style building. The building is NAHB Green Building Program-certified and offers a range of studio, one- and two-bedroom units. Several luxury amenities are available to all residents, such as a swimming pool, gaming and bar area, clubroom, business center with conference room, a fitness studio with yoga room and outdoor fire pit.
“HFF is pleased to have been part of such a successful transaction involving such an outstanding sponsor partnership and lender. This project represented a great opportunity for the ownership team to take advantage of aggressive financing terms available in today’s capital markets for stabilizing multihousing assets,” said Walter Coker, managing director at HFF, in a prepared statement.
The access to I-66 and Highway 50 make it easy for residents of the community to reach the many employers in the area, such as AT&T, Boeing, CACI, Lockheed Martin, General Dynamics and others. Dulles International Airport is a 22-minute car ride away, while downtown Washington, D.C. can be reached in 45 minutes.
Image courtesy of HFF