Middle Market Digest: The Mid-Atlantic

Joe Stettinius

NEWS & NOTABLES

WASHINGTON, DC–Cushman and Wakefield has named Joe Stettinius executive vice chairman, Strategic Investments, Americas. In this role, Stettinius will focus on creating a pipeline of accretive acquisition opportunities for the company, as well as other strategic investment and client related transactions. Stettinius has been a major driver in the firm’s success to date, C&W says, playing a pivotal role in the planning, preparation, and execution of the merger of Cassidy Turley and DTZ, where he served as CEO of Cassidy Turley, then CEO of the Americas for DTZ; and the merger of Cushman & Wakefield and DTZ, where he served as CEO, Americas.

DEAL TRACKER

WASHINGTON, DC–Cushman & Wakefield has secured a loan for MRP Realty for Montgomery Tower in Bethesda. John Campanella represented MRP Realty in the loan for the building, which is located at 4550 Montgomery Ave. He and his team provided a non-recourse commercial bank loan.

ROCKVILLE, MD–During third quarter 2017, Federal Realty signed 90 leases for 424,492 square feet of retail space, the REIT reported in its earnings release. On a comparable space basis, Federal Realty leased 399,619 square feet at an average cash basis contractual rent increase per square foot of 14%. The average contractual rent on this comparable space for the first year of the new leases is $38.24 per square foot compared to the average contractual rent of $33.43 per square foot for the last year of the prior leases.

MCLEAN, VA–Gladstone Commercial Corp. has upsized its existing, syndicated revolving credit and term loan facility from $110 million to $160 million. The term loan component of the facility was upsized by $50 million to $75 million with the revolving credit facility remaining unchanged at $85 million. The term loan facility has a five year term and the revolving credit facility has a four year term. The pricing grid was revised with a spread decrease of 25 basis points for both revolving credit and term loan facility borrowings. The REIT used the net proceeds to term out all previously existing borrowings under the revolving credit facility.