that the building was owned by the
family that developed it.
WASHINGTON, DC-An affiliate of The Tower Cos. has secured a 10-year, fixed-rate refinance of $40.1 million from Prudential Insurance Co. for 1828 L St., NW. Cassidy Turley’s Philip Mudd, Christian Miles and Bradley Geiger represented the building owner.
In many ways, the deal was a no-brainer for Prudential. The asset is a CBD office building that is 95% occupied. The 12-story, 309,000-square-foot building is LEED Gold and has had its lobby, common areas and several building systems recently renovated. Finally, the building is owned by the family that originally developed it.
That, Mudd, tells GlobeSt.com, counts a lot with life companies. “That was one of the reasons the loan had a strong reception in the marketplace,” he says. “The Abramson family is clearly in it for the longer term.”
The tenant base is a diverse group of law firms, associations and personal services. There is also ground-floor retail consisting of Pret A Manger, Corner Bakery and Fitness First. The building is also well-maintained, which means quick releasing—which lenders also appreciate, Miles says.
This deal has been in the works for months, Mudd says. As the year winds down, life companies and their borrowers are scrambling to close the book on such deals. Next year, allocations are widely believed to be the same as 2012′s.