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The redevelopment of the Fairfax Circle Shopping Center into a 400-unit mixed-use project now has the financing to begin.
Combined Properties secured a $100M floating-rate construction loan and $15.4M in preferred equity for its development, dubbed Scout on the Circle. HFF's Susan Carras, Walter Coker, Brian Crivella, John Owendoff and Jordan Lex arranged the deal.
The developer in August signed Giant to anchor the project with a 54K SF grocery store. It will have an additional 29K SF of retail on the ground floors of the two five-story apartment buildings. The community will feature two outdoor courtyards with a swimming pool and grilling areas, a clubroom, a screening room, a fitness center, three meeting rooms, an outdoor dog park and a lobby lounge with a coffee bar.
The property sits on the edge of Fairfax City at the intersection of Fairfax Boulevard and Old Lee Highway, just over a mile from the Vienna-Fairfax Metro station.
Combined Properties CEO Katherine Bonnafé told Bisnow in November the developer would break ground on the project as soon as it landed financing. It is expected to deliver in 2021.
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