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WASHINGTON, DC-Normandy Real Estate Partners has secured a $140-million loan from Morgan Stanley for the 10-building portfolio it acquired in Northern Virginia and Maryland in 2006. Cassidy Turley’s John Campanella and Paul Spellman originated the loan on behalf of Normandy.
A solid portfolio when it traded hands in 2006, the buildings are now 93% leased, with Normandy having added approximately 500,000 square feet of new tenants over the past three years. “Normandy did a great job of getting the properties leased,” Campanella tells GlobeSt.com. The deal is indicative of the availability of financing for solid suburban office properties, he adds.
The funding fully retires the original acquisition debt on the 787,425-square-foot portfolio. Nine of the buildings are located in Northern Virginia in the submarkets of Chantilly, Fairfax City, Reston and Alexandria, with six properties concentrated in the Westfields International Corporate Center in Chantilly.
One property is located in Columbia, MD. Local commercial real estate watchers with good memories will recall the portfolio when it was called Starco Properties and owned by the US Army/Air Force Mutual Aid Association.