Press Release brought to you by HFF

HFF announces $55M financing for 213-unit apartment building in Fairfax, Virginia


WASHINGTON, D.C. – October 3, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announces $55 million in financing for Modera Fairfax Ridge, a 213-unit, best-in-class apartment building in Fairfax, Virginia.  

The HFF team worked exclusively on behalf of the borrower, a joint venture between Mill Creek Residential Trust LLC and The Olayan Group, to secure the seven-year, floating-rate loan with ING Capital LLC.  Loan proceeds were used to retire the existing construction financing.

Modera Fairfax Ridge is located at 3887 Fairfax Ridge Road just off U.S. Highways 50 and 66, two of Northern Virginia’s main arterial roads traveled by approximately 157,000 vehicles per day.  The property is near several Fortune 500 companies, The Fair Oaks Mall, Fairfax County Government Center, George Mason University and Inova Fairfax.  Completed in August 2016, Modera Fairfax Ridge offers a wide range of studio, one- and two-bedroom configurations with luxury features, including kitchen islands, stainless steel appliances, quartz countertops, walk-in closets, in-unit washers and dryers, nine-foot ceilings, private patios or balconies and keyless entry.  Community amenities include a hotel-inspired swimming pool, outdoor fire pit, grilling area, club-quality fitness studio, yoga/Pilates studio, cyber café, gaming and bar area with billiards, business center with conference room and direct-access garage parking.  The property is NAHB Green Building Program-certified and is more than 95 percent leased.

The HFF team representing the borrower included senior managing director Sue Carras, managing director Walter Coker, senior director Brian Crivella and director Nicole Brickhouse.

"HFF is pleased to have been part of such a successful transaction involving such an outstanding sponsor partnership and lender,” Coker said.  “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 multi-housing assets."

About Mill Creek Residential Trust LLC
Mill Creek Residential Trust LLC is a national multifamily company focused on the development, acquisition and operation of apartment communities in targeted markets nationwide. The company proactively pursues development, acquisition and construction opportunities through its seasoned team of real estate professionals in 14 offices across the United States. Mill Creek is building its portfolio in many of the nation’s most desirable apartment markets in Seattle, Portland, the San Francisco Bay area, Southern California, Denver, Dallas, Austin, Houston, South Florida, Tampa, Orlando, Atlanta, Washington, D.C., New Jersey, New York and Boston. As of March 31, 2017, the company’s portfolio comprises 68 communities representing over 18,600 apartment homes that are operating and/or under construction. For more information, please visit

About The Olayan Group
Founded in 1947, The Olayan Group is a private, multinational enterprise with an actively managed portfolio of international investments and diverse commercial and industrial operations in the Middle East.  The Group’s main offices are in Athens, London, Riyadh and New York, where the Group has had a continuous presence for more than 45 years.  Investing both in partnership with others and directly, The Group has a diverse real estate portfolio that includes commercial, residential and mixed-use properties.  Among them are a number of well-known urban assets: the Paris Portfolio of historic buildings in that city’s prestigious 8th arrondissement, the Knightsbridge Estate in central London, the Ritz Hotel of Madrid, and most recently 550 Madison Avenue, an iconic tower in the heart of Manhattan.  More at

About ING Real Estate Finance 
ING Real Estate Finance is one of the leading financer for commercial properties worldwide with a business portfolio amounting to approximately 30 billion euros. With offices throughout Europe, Asia and USA, we provide our clients with services around the world*. In the U.S., ING Real Estate Finance conducts its business through ING Capital LLC.  ING Capital LLC is a financial services firm offering a full array of wholesale financial lending products and advisory services to its corporate and institutional clients. ING Capital LLC is an indirect U.S. subsidiary of ING Bank NV, part of ING Group (NYSE: ING), a global financial institution of Dutch origin. The purpose of ING Bank is empowering people to stay a step ahead in life and in business. 

*ING Group does not have a commercial banking license in the US and is therefore not permitted to conduct commercial banking activities in the US.

About HFF
HFF and its affiliates operate out of 24 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry.  HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment sales, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing.  Holliday Fenoglio Fowler, L.P., HFF Real Estate Limited (collectively, “HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF).  For more information please visit or follow HFF on Twitter @HFF.



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