Holliday Fenoglio Fowler (HFF) has announced $115.4m in construction financing and preferred equity for Scout on the Circle, a 551,000ft2, mixed-use residential and retail scheme being developed by Combined Properties in Virginia, US.
The funding comprises a $100m, floating-rate construction loan and $15.4m in preferred equity.
Scout on the Circle will be a premier mixed-use community with three individual buildings.
It will have a 54,0000ft2, single-storey grocery store on the eastern corner with prominent signage and frontage on Fairfax Boulevard/Route 50 and Blake Lane/Route 655, along with two five-storey luxury apartment buildings above ground-floor retail podiums with 400 apartments and 29,000ft2 of retail.
The project will be located one mile away from the Vienna Metrorail station, 3.6 miles from the 817-acre George Mason University campus and 20 miles from Washington, DC’s CBD.
The units will feature high-end fixtures and finishes, stainless steel appliances, quartz countertops, kitchen islands, plank flooring, as well as private outdoor terraces or balconies, keyless entry, full-size washers and dryers, and walk-in closets.
Apart from the retail component and transit-oriented location, amenities will include a lobby lounge with coffee bar, business centre with three meeting areas, club room with fireplace, screening room, pool table, fitness centre and an outdoor dog park.
The community will also include two outdoor courtyards incorporating a swimming pool, grilling areas, fire pits, shuffleboard, outdoor dining areas, open green spaces with water features and an outdoor ping pong table.
The project is scheduled for completion in 2021.
The HFF team included Susan Carras, Walter Coker, Brian Crivella, John Owendoff and Jordan Lex.
Combined Properties has a $1bn portfolio comprising 39 retail and mixed-use properties totalling 4.8 million ft2 and a $1.4bn development pipeline in the Washington, DC and Southern California metropolitan areas.
HFF and its affiliates function provide commercial real estate and capital markets services to the global commercial real estate industry.
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