was high from both banks and
life insurance companies.
ALEXANDRIA, VA-Metro Park, a 37-acre trophe class office portfolio here has secured $212 million in financing from SunTrust Bank and HSBC Credit Corp. CBRE Capital Markets helped secure the financing—a transaction that, according to CBRE’s Joe Donato, was highly marketable. “Despite the headlines about the fiscal cliff and sequestration, we received interest from both banks and life companies,” he says in a prepared statement. The loan has a seven-year term, with a 50% LTV and a rate of approximately 3%.
Metro Park comprises some 1.15 million square feet across seven office buildings. One of the buildings in the project–Metro Park VI, a 330,589-square foot office tower—recently was awarded LEED Platinum certification by USGBC. The building, developed by The Evans Co., and designed by KlingStubbins, is partly pre-leased to Booz Allen & Hamilton, which has inked a ten-year, $40 million lease for 88,000 square feet.
The General Services Administration is also a core tenant as the development is located close to Fort Belvoir and the National Geospatial Intelligence Agency (NGA) headquarters. “Clarion Partners has done a tremendous job creating the premier office park in Northern Virginia and the quality of this portfolio combined with a low leverage request from a top tier borrower resulted in favorable financing terms,” Donato says.