ARLINGTON, VA—Shooshan Co. secured $63 million in construction financing from SunTrust Bank for a project that has been 25 years in the making: the development of the leasehold interest at 1008 North Glebe, a 15-story, 267-unit, mixed-use apartment and retail property situated on Marymount University's Ballston Center Campus.

The HFF's Sue Carras, Walter Coker and Brian Crivella arranged the debt placement.

The project broke ground in March.

A Long Journey

In 1992 Marymount University had purchased 1000 N. Glebe Rd., an 1960s' era office building, to be an extension to their main campus. The eight-story asset, built in Modern Movement architectural style, became known as the Blue Goose building because of its geometrically arranged, polychromatic blue metal panels.

It became apparent, though, that a renovation and then a complete tear down and reconstruction was needed. Over the years both the school and Shooshan worked to come up with a viable plan for all parties including the county.

Last year Arlington County approved a site plan allowing Marymount to demolish the aging classroom building and redevelop the site into two new buildings: a 165,000-square foot classroom/office building owned by Marymount, and a Class A mixed-use apartment and retail tower owned by an affiliate of The Shooshan Co. on a leasehold interest in the land.

As part of the deal, Shooshan is contributing $5.7 million to offset additional density that the county is allowing for the office building, with some of the funds used to build a western entrance to the nearby Ballston-MU Metro Station.

In addition, the building will keep some of the "Blue Goose" elements.

The plaza will have blue seating, blue lighting and benches with panels that will depict the history of the building, re-using blue and white panels from the existing building. The office building will incorporate a blue panel design at its base that will be reminiscent of the "Blue Goose." There will also be a horizontal blue spandrel glass band at the top of the second story.

HFF was not able to return a request for comment to GlobeSt.com in time for publication.

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Shooshan Secures $63M for Project 25 Years In the Making

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