ARLINGTON, VA-More pieces are falling into place for the ongoing development of Founders Square, a 1.2-million-square-foot, mixed-use project here. Developer Shooshan Co. has announced the KBR Building Group a contract to provide construction services for the Place at Founders Square, a 17-story, 238,060-square-foot residential tower, for which ground has just broken. In February, Schooshan secured a $71.1-million non-recourse construction loan for its development.
Shooshan completed the first phase of Founders Square at the start of the year—a 13-story, 335,000-square foot office building located at 675 North Randolph St., which is being leased by the Defense Advanced Research Projects Agency for its headquarters. It was designed by RTKL to meet the Department of Defense’s Level IV security standards. Clark Construction Group was the general contractor.
The project was financed by a rare 18-month forward commitment of $100 million in permanent financing. Shooshan secured the commitment to lock in the low interest rates and managed to do so despite the unusually long term—most forward terms are between six to 12 months—by working with Prudential Mortgage Capital Co.
Now it is turning its attention to the Place. Designed for LEED Silver certification, the residential community will feature a curved window wall, a rooftop terrace and such sustainable features as an energy efficient HVAC system, use of regional building materials, and water use reduction techniques for the building operations. Financing for this project is being provided by SunTrust Banks. Ground just broke on the project, which is scheduled for delivery in the third quarter of 2013.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.
