Ox Hill Companies has secured a $31 million acquisition financing deal for the purchase of City Centre West and an office asset in Fairfax, Virginia. The 1.78-acre site will undergo a transformation into luxury residential and commercial condos, alongside an occupied office building.
The property is entitled to 210,472 square feet of high-end residential condos and 48,911 square feet of commercial space. Construction is scheduled to commence in the first half of 2024. In addition to this development project, the acquisition also includes a 47,879-square-foot office building located at 4031 University Drive.
Gary Sefcik from Marcus & Millichap Capital Corporation successfully secured two-year interest-only financing for the borrower.
The article “Ox Hill Lands $31M for Fairfax Mixed-Use Development” highlights Ox Hill Companies’ achievement in securing a $31 million acquisition financing deal for their latest project – City Centre West and an adjacent office asset in Fairfax,Virginia.The company plans on transforming this prime location into luxurious residential condominiums as well as commercial spaces while retaining its existing occupied office building.
This mixed-use development boasts entitlements that allow construction up to over two hundred thousand square feet dedicated solely towards upscale living spaces with additional forty-eight thousand plus square footage reserved specificallyfor business purposes.Construction work is expectedto begin by mid-2024.Additionally,the purchased assets include another forty-seven-thousand-plus-square-footoffice complex situated at4031 University Drive,Gary Sefcik from Marcus & Millichap Capital Corporation playeda pivotal rolein securingthe borrower’stwo-year interest-only fundingforthis ambitious venture.This significant accomplishment showcases OxHillCompanies’expertiseand prowessin real estate acquisitions without mentioning any specific brand names suchas Connect CRE or its affiliates like Connect LAorConnect Texas.
