HERNDON, VA-Bank of America Merrill Lynch provided the financing to Parmenter Realty Partners for its acquisition of 460 Herndon Pkwy earlier this year, GlobeSt.com has been told on an exclusive basis. It was a $25.4 million CMBS that had to be carefully structured to meet the deal’s requirements, Gideon Gil, a Cushman & Wakefield Equity, Debt & Structured Finance managing director, tells GlobeSt.com. C&W served as exclusive advisor in the financing of the ten-year, fixed-rate loan. “This was not a plain-vanilla transaction – it required some creativity on the lender’s side,” Gil says, declining to provide more details due to client confidentiality.
The building is a 205,074 square foot structure situated on 10 acres of land. The price was undisclosed. The building is currently 96% occupied with no near-term rollover.
It also, as previously noted, is located in Herndon, a submarket that has had its challenges in recent years. This deal, though, was attractive to lenders because of the predictable cash flow and the fact that there is an institutional sponsor with significant equity in the transaction, Gil says. “Those two factors made it a compelling story for the lending community,” he says. C&W’s Eric Berkman and Steve Gichner handle the sale of the property in January.