Parse Capital Provides $29M in Equity for Residential Property in Northern Virginia
By Christina sturdivant-Sani March 25, 2019 2:59 pm
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Scottsdale, ARIZ.-based Parse Capital has provided commercial real estate investment firm Rooney Properties with $29.1 million in preferred equity for the development of Faraday Park, a 407-unit multifamily project in Reston, Va., according to a press release from HFF, which represented the Arlington, Va.-based developer.
Located at 1831 Michael Faraday Drive, the property will consist of two seven-story, podium-style residential buildings with a range of studio to three-bedroom units averaging 842 square feet, per the release. Featured amenities include a rooftop swimming pool, a fitness center, a co-working space, a dog park and a refrigerated package room.
Steps away from the Wiehle-Reston East Metro station, the site IS surrounded by more than 31.2 million square feet of mostly technology and defense firms such as Boeing, Booz Allen Hamilton, CACI, General Dynamics, Bechtel, Northrop Grumman, Lockheed Martin and the U.S. headquarters for Amazon Web Services, according to the release. The site is less than two miles away from retail centers Plaza America and Reston Town Center.
Walter Coker and Brian Crivella of HFF negotiated the debt for Rooney Properties. Crivella said in a prepared statement that the investment is “an endorsement of the strength of the Reston market and demonstrates the ability of experienced developers like Rooney to obtain capital for best-in-class projects.”
A Parse Capital representative was not immediately available to comment on the terms of the investment. Construction at the site is slated to begin immediately.
