RESTON, VA. — Parse Capital has provided $29.1 million in preferred equity to Rooney Properties for the construction of Faraday Park, a 407-unit multifamily community in Reston. The asset will be situated at 1831 Michael Faraday Drive, less than a mile from the Wiehle-Reston East Metro Station and about 20 miles west of downtown Washington, D.C. The property will comprise two seven-story buildings and two above-ground parking garages. Floor plans will include studio, one-, two- and three-bedroom floor plans averaging 842 square feet. Amenities are set to include a rooftop swimming pool, fitness center, coworking space, dog park and a refrigerated package room. Construction is slated to begin immediately. Walter Coker and Brian Crivella of HFF arranged the financing on behalf of Rooney Properties.
Floor plans at Faraday Park will include studio, one-, two- and three-bedroom floor plans averaging 842 square feet.
Parse Capital Provides $29.1M in Preferred Equity for Multifamily Development in Northern Virginia
593