ARLINGTON, VA—The Shooshan Co. has retired the existing construction debt on its 17-story, 257-unit apartment tower in the Liberty Center enclave with a $65 million, 15-year, fixed rate loan that HFF's Sue Carras, Walter Coker and Brian Crivella secured with Prudential Mortgage Capital Co.
The property, called The View, delivered this year and is located at the Ballston Metro Station. HFF also secured the construction debt for the project for Shooshan in 2012 when the construction was underway.
Located at 4000 Wilson Blvd., The View is a LEED Silver luxury building with a number of amenities including 9,000 square feet of ground-floor retail with outdoor café seating. The building is the residential cornerstone of the second phase of Liberty Center, a 2.3 million-square-foot, mixed-use project that is Arlington's first LEED Gold certification for a Neighborhood Development.
When it is finally complete, the nine-building Liberty Center development will include hotel, retail, office and multi-housing components centered on open public space.
The permanent loan was secured a bit ahead of time—when the project was still in lease-up—in order to take advantage of the current low interest rates, according to Coker.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
