Marcus & Millichap Capital Corporation (MMCC), a leading provider of commercial real estate capital markets financing solutions, arranged $31 million in acquisition financing for the purchase of City Centre West, a development site located at 10501-10523 Main Street, and an office asset located at 4031 University Drive, both in Fairfax, Virginia.
The 1.78-acre assemblage will be developed into residential and commercial condominiums, and a fully occupied office building.
MMCC’s Gary Sefcik in Manhattan secured the two-year, interest-only financing on behalf of the borrower, Ox Hill Companies.
The property is entitled for 210,472 square feet of luxury residential condominiums and 48,911 square feet of commercial condominium space above grade. Construction is expected to commence in the first half of 2024.
The office building is a 47,879-square-foot property located at 4031 University Drive.
“This acquisition financing facilitates Ox Hill’s closing and pre-development of the City Centre West development site, which it assembled and brought through entitlements, along with the acquisition of 4031 University Drive, a strategic nearby office asset,” said Sefcik. “The successful development of City Centre West will further Ox Hill’s mission of delivering greatly needed Class A commercial, residential, retail, hospitality, and entertainment space in the City of Fairfax and elevating the city’s historic ‘Old Town’ and adjacent areas into a thriving live, work, play destination.”
