WASHINGTON, D.C. – March 21, 2019 – Holliday Fenoglio Fowler, L.P. (HFF) announces it has arranged $29.1 million in preferred equity for the development of Faraday Park, a 407-unit multifamily community in Reston, Virginia.

HFF worked exclusively on behalf of the developer, Rooney Properties, to arrange preferred equity from Parse Capital.

Faraday Park will be prominently situated along the Dulles Toll Road at 1831 Michael Faraday Drive steps from the Wiehle-Reston East Metro Station.  Located in North Virginia’s largest office market, the property is surrounded by more than 31.2 million square feet of mainly technology and defense employers, including Boeing, Booz Allen Hamilton, CACI, General Dynamics, Bechtel, Northrop Grumman, Raytheon, SAIC, Lockheed Martin and the U.S. headquarters for Amazon Web Services.  Additionally, Faraday Park is one mile from the Whole Foods-anchored Plaza America, which features over 200,000 square feet of retail, and one and a half miles from Reston Town Center, which features over 425,000 square feet of retail.

The transit-oriented property’s construction will consist of two seven-story, podium-style residential buildings and two above-ground parking garages.  Floor plans will include a variety of studio through three-bedroom units averaging 842 square feet.  Faraday Park’s best-in-class amenity package will feature an expansive green area, rooftop swimming pool, state-of-the-art fitness center, gourmet kitchen and dining space, co-working space, dog park and a refrigerated package room.  Construction at the site, which is currently improved with an office building, is slated to begin immediately.

The HFF equity placement team was led by Walter Coker and Brian Crivella.

“This 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,” Crivella said.