Suburban D.C. Apartment Project Wins Senior and Mezz Financing
- Apr 21, 2011
Merrifield, Va.–The developer of the second phase of Halstead Square at the Dunn Loring Metro, DSF Group, has obtained financing for the project, which broke ground in February and will consist of 436 apartments in two mid-rise buildings. Federal Capital Partners is providing an $11 million mezzanine loan, and PNC Bank is providing the $70.6 million senior financing.
It’s a good time and place to finance projects such as this, says Lacy Rice, managing partner at Federal Capital Partners. “FCP is focused on investing in shovel-ready apartment projects in transforming neighborhoods like Merrifield,” he tells MHN.
The development, Rice adds, will have the advantage of being the first new apartment complex in the up-and-coming submarket. The Dunn Loring Metro Station (officially Dunn Loring-Merrifield) connects this part of Virginia with Washington, D.C.
“Halstead is located in the heart of Merrifield, just a half block south of the station–which is the future home of upscale grocer Harris Teeter,” Rice says. “It’s also just five blocks north of the new Mosaic District, which features a Target, a theater and top-tier restaurants like Matchbox, Black’s and Red Apron.”
Included in the two six-story buildings, one of which is a loft building, will be amenities such as a fitness center with indoor sports court, an outdoor swimming pool, and an outdoor theatre, fireplace and bocce court. The unit interiors will include eight-foot windows, 10-foot ceilings and hardwood flooring. About 13,600 square feet of retail space will also form part of the development.