Mill Creek Residential Trust and The Olayan Group have secured a new $55 million loan for the Modera Fairfax Ridge apartment complex in Fairfax, Va. Holliday Fenoglio Fowler sourced the 7-year, floating rate loan from ING Capital. The funding will be used to retire the existing construction financing. Completed last year, the community is located at 3887 Fairfax Ridge Road, near Interstate 66 and Highway 50. The 213 unit asset is currently 96 percent leased and is in close proximity to major employers such as AT&T, Boeing, CACI, Lockheed Martin and General Dynamics. The buildings are NAHB Green Building Program-certified and offers a range of studio, one- and two-bedroom units. “HFF is pleased to have been part of such a successful transaction involving such an outstanding sponsor partnership and lender. This project represented a great opportunity for the ownership team to take advantage of aggressive financing terms available in today’s capital markets for stabilizing multihousing assets,” said Walter Coker, managing director at HFF.
