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US Bank Provides $69M Construction Loan for Woodfield Dulles Station

HERNDON, VA—Other financing has been provided by a joint venture equity partner and Eagle Bank, which provided $10.5 million last year for pre-development and acquisition financing.

By Erika Morphy | erikamorphy | | Updated on March 18, 2016
Woodfield Dulles Station rendering Woodfield Dulles Station rendering
HERNDON, VA—A new apartment community will be joining the handful of residences that have delivered over the last few years at the 63-acre master planned community of Dulles Station. That would be Woodfield Dulles Station, a 400-unit project set to be developed by Woodfield Investments, a private developer based in Charlotte, NC. The company has secured the necessary debt and equity for the project to begin construction. US Bank provided a $69 million construction loan, while an unnamed capital partner provided joint venture capital. HFF’s Walter Coker and Brian Crivella arranged the financing. Last year Eagle Bank provided a $10.5 million loan to Woodfield Investments for acquisition and predevelopment financing. Construction is expected to begin shortly. Part of Dulles Station’s appeal is the future Innovation Metro Station, along with its formidable size at full build out. The project is expected to eventually total of 2.7-million square feet including 1,095 luxury residences, 2 hotels, 1.5-million square feet of office space, and 56,000 square feet of retail and restaurants. Woodfield Dulles Stations will be joining a number of other apartments already at Dulles Station, including Camden Dulles Station, Jefferson at Dulles Station, ICON at Dulles and The Mark at Dulles Station. Construction on Woodfield Dulles Station will begin shortly. The project should also burnish Woodfield Investment’s local market creds. The company has done a handful of projects in the area, including the Palette at Arts District, a community in the Hyattsville Arts District project. It has also developed the Bell Del Ray apartment community in Alexandria, Va., a 276-luxury apartment complex with 3,500 square feet of retail space and Hidden Creek, in Gaithersburg, Md.

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