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ARLINGTON, VA-Local developer Shooshan Co. has secured a $98-million construction loan to develop the future 352,740-square-foot headquarters of the Defense Advanced Research Projects Agency. Shooshan landed the government agency lease this past Summer, giving its Founders Square project–a LEED-ND Gold neighborhood development pilot program where the building will be located–a huge boost.

HFF senior managing directors Bill Asbill, Bob Donhauser and John Duffy and director Dan McIntyre arranged the financing for the project, securing equity capital with local investors and the construction loan with Landesbank Hessen-Thuringen, also known as Heleba.

If any deal was bound to squeeze out scarce construction funding from locked capital markets, it was this one, with a credit worthy sponsor and government tenant. Still, though, financing has been tough to arrange even in the DC market–there are few if any new projects starting up construction in the area next year. HFF was unable to return a call to GlobeSt.com in time for publication.

The DARPA headquarters is phase one of the larger 1.1-million-square-foot Founders Square mixed-use development, which will also include a 312,000-square-foot office, two residential buildings totaling 362 units, a one-story, 8,000-square-foot retail with surface parking. There will be in total 26,900 square feet of ground floor retail.

The Shooshan Co. is handling the development of the property, which was designed by RTKL. Clark Construction Group is the general contractor. Scheduled for delivery in Q1 2012, the 13-story, trophy quality office will meet the Department of Defense’s Level IV security standards and is designed to be certified LEED-Gold. The property is located at 675 North Randolph St.

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