The $15.5m loan from OakNorth will be used to support the acquisition of a nine-story, 197k sq. ft, Class A commercial office building in Arlington, Virginia. The well-renowned site named, Ellipse on Fairfax, is located in the heart of Ballston, just two blocks from Ballston Metro Station, serving the Orange and Silver lines, and is a short walk from the new Ballston Quarter shopping center. Following the completion of the acquisition, Rooney Properties will explore options to capitalize on the strong demand for housing in the Arlington area and pursue entitlement for conversion of the asset to multi-family units in the coming years.
About Rooney Properties: Established in 2013 and headquartered in Arlington, the firm has extensive experience underwriting, acquiring, entitling and developing commercial real estate across the Washington DC metro area. Having successfully delivered major land development projects, mixed-use, multi-family, office, and industrial properties, its team combines diverse backgrounds and skillsets to successfully execute acquisitions, investment management, complex entitlements, development, asset management, and construction management.