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FAIRFAX, VA-A financing deal in the amount of $15 million has closed for Redwood Plaza I & II, two office structures featuring an aggregate 165,000 sf of class A space. SMII Fairfax LLC secured the permanent interest-only loan. The borrower plans to use the funds to develop a new 43,000-sf office structure on the two-building property.

Sean McKenna of CB Richard Ellis banking division CBRE Melody orchestrated the transaction. The Redwood Plaza buildings sit off I-66 and carry the addresses of 10560 and 10600 Arrowhead Dr. Redwood I was developed 22 years ago and features of 100,000 sf of space, while 19-year-old Redwood Plaza II offers 65,000 sf of space.

The list of occupants at the 95% occupied buildings includes General Dynamics, which leased 100,000 sf at Redwood I and 10,000 sf at Redwood II last year. "Redwood Plaza I & II are Class A office properties with a roster of credit-worthy tenants," McKenna says.