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 be transformed into a mixed-use development featuring luxury residential condos and commercial space, with construction set to begin in the first half of 2024.
The property is entitled to a total of 259,383 square feet, including 210,472 square feet for residential condos and 48,911 square feet for commercial use. In addition to this project, Ox Hill also acquired a separate office building at 4031 University Drive measuring at approximately47 ,879 square feet.
Gary Sefcik from Marcus & Millichap Capital Corporation successfully arranged the two-year interest-only financing on behalf of the borrower.
The article “Ox Hill Lands $31M for Fairfax Mixed-Use Development” highlights Ox Hill Companies’ recent achievement in securing funding for their upcoming mixed-use development project in Fairfax,Virginia. This significant investment will transform a vacant lot into an impressive combination of luxury residential units and commercial spaces that are expected to attract high-end clientele upon completion by mid-2024.
Under Gary Sefcik’s expert guidance from Marcus & Millichap Capital Corporation,the borrower was able secure favorable terms on their two-year interest-only loan agreement.This successful transaction demonstrates OxHill’s strong financial standing as well as their commitment towards creating innovative developments that enhance local communities.With its prime location near various amenities,this new mixed-used complex is poisedto become oneofthe most sought-after propertiesinFairfax,Virginia.
