Life Co. Provides $181M Loan to CBD Trophy

WASHINGTON, DC-A life insurance company has provided a 20-year, fixed-rate $181 million permanent loan for 1000 Connecticut Ave., N.W., the 383,988-square foot trophy building that just delivered in the District. Cassidy Turley’s Philip Mudd, Christian Miles and Bradley Geiger secured the financing on behalf of the owner, Connecticut & K Associates, LLC. The loan was closed by Grossberg, Yochelson, Fox & Beyda, owner’s counsel. The LEED Platinum-certificated building is currently 86% leased, anchored by the law firm of Arent Fox LLP.

Under most circumstances the trophy property would garner the best financing and terms but a 20-year term is eyebrow-raising for even 1000 Connecticut. “Ten year deals are more typical in this market,” Mudd tells GlobeSt.com. “We have done other 20-year and 15-year deals but the bulk of what we’re doing is still 10 years.”