Combined Properties Secures $115M For Scout On The Circle

Scout on the Circle

FAIRFAX, VA–Combined Properties has secured $115.4 million in construction financing and preferred equity for its 551,000-square foot, mixed-use residential and retail development here that will be called Scout on the Circle. HFF arranged the financing, tapping a $100 million, floating-rate construction loan and $15.4 million in preferred equity.

The HFF team representing the developer included Susan Carras, Walter Coker, Brian Crivella, John Owendoff and Jordan Lex.

Scout on the Circle

Scout on the Circle will consist of three individual buildings: a 54,000-square-foot, single-story grocery store anchored by Giant Food on the eastern corner of the property and two five-story luxury apartment buildings that will have a total of 400 apartments and approximately 29,000 square feet of retail.  The property will be one mile from the Vienna Metrorail station and 3.6 miles from the George Mason University campus. Construction is expected to begin early this year.

A Great Time To Be A Borrower

Speaking generally right now is a great time to be a borrower through the entire capital stack, Gerard Sansosti, executive managing director of HFF’s Debt and Loan Sales Platform leader, told GlobeSt.com in an unrelated interview. “Although we are seeing some pressure on it right now, the 10-year Treasury is still under 3%, the CMBS market has been very strong and has had little volatility over the last year-and-a-half. Freddie Mac and Fannie Mae have plenty of money and debt funds are very active right now.”