WASHINGTON, DC-Lowe Enterprises Investors has secured $72 million in bridge financing for two properties in Vienna, VA. A company sponsored by NorthStar Realty Finance Corp. provided the financing. Jones Lang LaSalle’s Wesley Boatwright, Mike Yavinksy and Jon Goldstein facilitated the transaction.

The properties, located at 1951 Kidwell Dr. and 1953 Gallows Rd, are part of a portfolio managed by Lowe Enterprises Investors on behalf of a national commercial commingled investment fund. The buildings, which total 428,973 square feet, at the time of closing were 72% leased.

In short, they were perfect for bridge financing. “That is the signature of these types of deals,” Boartwright says. “They are not stabilized from leasing standpoint and either the property doesn’t support a permanent loan or the building is being sold and the new buyer wants a bridge loan to reposition the asset.” Boartwright says that bridge financing is becoming more available to borrowers in the DC area. New entrants include debt funds, life insurance companies that are chasing yield and banks that are interested in pushing beyond construction finance. In the DC area, he says, there are about 50 providers that JLL is tracking of this type of finance. At the MBA convention next month, “I expect to see more companies announce new bridge lending platforms.”

All three members of his team have bridge finance transactions in the pipeline, Boartwright says “a couple of hundred million.” Even more telling, last year JLL in DC did close to $400 million in bridge financing.