10A — December 7 - 20, 2012 — Mid Atlantic Real Estate Journal
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T ax I ssues /A ccounting Also arranges financing for newly constructed Northern New Jersey office property HFF secures construction financing and joint venture equity for Bell Del Ray in Alexandria, VA A lexandria , VA — HFF has secured construction financing s/f of retail and dining, 3,200 residential units, a 300-room hotel and more than 60 acres of park land.
Fund IV. In addition to the 276 apart- ment homes that average 843 s/f each, the five-story com- munity will include 3,513 s/f of ground-floor retail. Com- munity amenities will include a courtyard swimming pool, outdoor fireplaces, state-of-the- art fitness facility, club room and gaming/theatre room. Bell Del Ray will be located at the south end of Alexandria’s 167- acre master-planned Potomac Yard, a mixed-use community that when complete will in- clude more than four million s/f of office space, 1.1 million
and joint venture equity for the development of Bell Del Ray, a 276-unit, classAmulti-housing community. HFF was engaged by a joint venture between Woodfield Investments , Arsenal Real Estate Partners, LLC and The Davis Companies to secure equity and debt capital- ization for development of the project. The debt for the project was secured through Sover- eign Bank while the equity was provided by Bell Partners
The HFF team representing the borrower was led by senior managing directors Dave Na- chison , Alan Davis and Sue Carras , and managing direc- tors Walter Coker and Brian Crivella . “Located within the already successful Potomac Yard proj- ect, Bell Del Ray will enjoy unique advantages including its location within easy walking distance of both the Braddock Road Metrorail station and the very desirable Del Ray neigh- borhood, which provides access to an appealing assortment of independently-owned specialty food shops, art galleries, cut- ting edge restaurants and cof- fee houses,” said Nachison. “Location and market-proven sponsorship are vitally im- portant in capitalizing devel- opment sites today and the market clearly responded to the strong examples of these elements at Bell Del Ray,” added Coker. Woodfield Investments is a premier developer of Class A multifamily communities in the Mid-Atlantic region. The part- ners at Woodfield Investments share more than 140 years of experience and have developed 38 apartment communities representing 11,506 units at a value exceeding $1.4 billion. FLORHAM PARK, NJ – HFF arranged financing for Summit Executive Center, a 62,188 s/f, newly constructed office property in Summit. HFF worked on behalf of MRY Associates and Nor- mandy Real Estate Partners to secure the 10-year, fixed-rate permanent loan through Can- tor Commercial Real Estate (CCRE). Loan proceeds are tak- ing out an existing construction loan that HFF had previously arranged. Completed in 2012, Summit Executive Center is a LEED Certified office building with a two-level, 196-space parking garage. The property is fully leased to tenants including one of the world’s leading consult- ing companies, Pennant Capi- tal Management, Merrill Lynch Wealth Management, Callan Associates and Amlin. The HFF team representing MRYAssociates and Normandy Real Estate Partners was led by senior managing director Jon Mikula . n
Bell Del Ray
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