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$67,150,000
First Mortgage
Fairfax Corner
Retail Center
Fairfax, Virginia |
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The Fairfax Corner Retail Center is a 205,000SF class “A” multi-tenant retail center which was built between 2003 and 2005 on 32.25-acres of land. The retail portion is part of a larger mixed use town center style complex, consisting of the retail shops, a multi-story office building (separately financed by Suburban), a 14 screen theater, and 400+ multi-family dwellings. Fairfax Corner is quickly becoming a popular destination for shopping with many high end national tenants such as Ann Taylor Loft, Chico ’s, Bombay Kids, and Elizabeth Arden. In addition to these retail tenants there are numerous restaurants in the center. This new town center concept is becoming the hottest new style of retail construction since the dawn of the “power center”. The property is located at the corner of Monument Drive and Government Center Parkway in Fairfax , Virginia . Fairfax Corner is located directly across I-66 from the Fair Oaks Shopping Mall in the area of Fairfax known as Fairfax Center which surrounds the US Route 50 interchange on I-66, a major artery into Washington , DC .
Suburban provided a first mortgage loan for the borrower to take-out the construction financing debt on the property. The loan was a fixed-rate mortgage having a 10-year maturity with
a 35-year amortization, and was priced at a fixed interest rate spread over the
10-Year U.S. Treasury Bond Index.
The first five years of the loan will be interest only.
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