Real Estate Journal — Financial Digest — April 15 - 28, 2016 — 7A
www.marejournal.com
M id A tlantic
F inancial D igest /A ppraisal
U.S. Bank provides a $69 million construction loan HFF arranges equity & debt for Woodfield Dulles Station
For the refinancing of a BB&T bank branch Eastern Union Funding arranges $4 million loan
H
ERNDON, VA — Holliday Fenoglio Fowler, L.P. (HFF)
announced that it has ar- ranged joint venture equity and construction financing for the development of Woodfield Dulles Station, a 400-unit, class Amulti-housing property adjacent to the future Innova- tion Center Metro station in Herndon, VA. HFF worked on behalf of the developer, Woodfield Investments , to arrange joint venture equity from an undisclosed capital partner. U.S. Bank provided a $69 mil- lion construction loan. Woodfield Dulles Station is part of Dulles Station, a 63-acre, mixed-use, master planned community provid- ing a walkable live-work-play lifestyle. Due for completion in 2017, the five-story, NBGS Silver-certified, eco-conscious property will have studio, one- and two-bedroom units averaging 850 square feet each. Community amenities will include a resort-style swimming pool; gourmet out- door kitchen spaces; rooftop multi-amenity deck; profes- sional-grade fitness center; The Henley Group handles $10MM B Note for SC owner MID ATLANTIC — The Henley Group assisted an owner of a 160,000 s/f grocery- anchored shopping center with a 57% vacancy. Given the grocer’s space accounted for approximately 60,000 s/f, the in-line retail vacancy rate of approximately 75% was an economic drag on the property. Due to the sustained anemic retail market conditions along with new competitors gaining traction, re-leasing the store- fronts proved difficult. Ad- ditionally, a major employer had closed down operations in 2011, negatively impacting consumer demand. The value of the property had dropped significantly since the CMBS loan was securitized in 2007. Without Lender relief the sponsor was not incentivized to make in- vestments needed to re-lease the property and the property would likely have gone back to the lender at a distressed valuation. Owners with complex CMBS issues have been clients of The Henley Group for eight years. n
BB&T bank branch in Hyattsville, MD
bank branch in Hyattsville, MD, located at 3400 East- West Highway. Placed with a local bank, the limited non-recourse loan features a 10-year fixed rate of 4 percent and 30-year amortization schedule. n
HYATTSVILLE, MD — Eastern Union Funding senior managing director Marc Tropp and direc- tor Shai Romirowsky ar- ranged a $4 million loan for the refinancing of a single- tenant, net-leased BB&T
state-of-the-art conference space; computer lounge; coffee bar; and direct-access, secured parking garage.
The HFF multi-housing team representing the devel- oper was led by Walter Coker and Brian Crivella . n
Fortuna & DiFlumeri is a full service Commercial, Industrial and Residential Real Estate Appraisal firm located in Center City Philadelphia and serving Pennsylvania, New Jersey and Delaware Our Services Include: Narrative and Form reporting, Consulting, and Expert Witness Testi- mony for the Public, Private and Municipal sectors
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