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Marcus & Millichap Capital Secures $31M Loan For Acquisition Of Development Site In Fairfax, VA

Property Image
FINANCED
$31,000,000

Virginia

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Development Site631,416 SF
Financed 11/20/2023
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Property Image
FINANCED

Marcus & Millichap Capital Secures $31M Loan For Acquisition Of Development Site In Fairfax, VA

10501 Main Street, 10523 Main Street & 4031 University Drive

See Similar Deals
Development Site631,416 SF
Financed 11/20/2023
the dealplayerscompscontact
Contact now

Summary

VIRGINIA
Asset Type:Development Site
Price Per Square Foot:$49
Total Square Footage:631,416 SF
Transaction Type:Loan

Marcus & Millichap Capital Corporation (MMCC) secured $31 million in acquisition financing for the purchase of City Centre West, a development site, and an office asset in Fairfax, Virginia. The property is located at 10501-10523 Main Street & 4031 University Drive and spans 210,472 square feet on 1.78 acres. The loan was obtained by the buyer, Ox Hill Companies, for the acquisition of the property.

Summary of transaction details

  • Property Type: Development Site
  • Transaction Amount: $31,000,000
  • Address: 10501-10523 Main Street & 4031 University Drive
  • Market: Fairfax, VA
  • Landlord: Ox Hill Companies

Gary Sefcik from Marcus & Millichap represented the buyer, Ox Hill Companies, in the acquisition financing deal. Marcus & Millichap Capital Corporation (MMCC) acted as the broker for the transaction. The financing secured by MMCC will enable Ox Hill Companies to proceed with the purchase of City Centre West, a highly sought-after development site and office asset in Fairfax, Virginia.

Players

Gary Sefcik
Marcus & Millichap
Gary Sefcik
6 deals$350.8M volume(212) 430-1436
BROKER
OC
Ox Hill Companies
LANDLORD

Details

FINANCED
IMAGE: Gary Sefcik DATE: 11/20/2023 ADDRESS: 10501-10523 Main Street & 4031 University Drive MARKET: Fairfax, VA ASSET TYPE: Development Site ~ SF: 210,472 ~ ACRES: 1.78 LANDLORD: Ox Hill Companies BROKER: Gary Sefcik - Marcus & Millichap LOAN AMOUNT: $31,000,000 LOAN TYPE: Acquisition NOTE: Marcus & Millichap Capital Corporation (MMCC) secured $31 million in acquisition financing for the purchase of City Centre West, a development site, and an office asset in Fairfax, Virginia.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$31,000,000.00

Monthly NOI$206,666.67
Monthly Debt Service$195,941.09
Change in Cash Flow$0.00
Refinance Proceeds$0.00