Charleston, SC – Wessex Capital Investments has successfully closed on a bridge loan refinancing of The Crossings at Spring Hill, a 108-unit facility in Lorton, VA that opened to residents in March 2018. The Crossings at Spring Hill is the ninth project to enter the innovative $300M bridge loan refinancing program established by Wessex for its client in 2017. The program continues to provide valuable benefits to Wessex’s client; an early return of equity to investors which increases project returns, construction debt management, and strengthening their ability to continue their development pipeline. Wessex will continue to manage the asset to achieve maximum investor returns.
The Facility is located on an infill site in the Spring Hill Community by Pulte, a master-planned development highlighted by high-end residential and outstanding growth with retail options nearby. The campus consists of 362 dwelling units, including 181 single-family attached and detached units for active adults, 125 multi-family units for active adults, and 56 multi-family units for independent senior living. Residents of the Facility have access to the community pool, fitness center, and community center at HOA. The Facility houses all-private apartments in both assisted living and memory care, which is a key marketing advantage in affluent Fairfax County.