The borrower is an affiliate of the local Wildewood Team of Professionals. "It was a conduit, CMSB execution," Cassidy & Pinkard/iCap's Mark Remington tells GlobeSt.com. Remington's firm negotiated the transaction."[The borrower] is a top client of the firm." The buildings are Expedition I and Expedition II, and Exploration VI, which is a four-story edifice located on 2.84 acres at Routes 4 and 235. All of the structures are fully occupied by defense contractors. ManTech Systems Engineering Corp. is the sole occupant of one of the buildings.
Explaining the securing of the financing, Remington says, "the driving force is the Patuxent River Naval Air Station--the buildings are one-quarter of a mile from the front gate." Known as PAX, the air station is the center of naval aviation acquisition management, and conducts research and development, air and ground test and evaluation, and aircraft logistics and maintenance. PAX sits at the head of the Patuxent River and has become a centralizing force in the area since the sweeping base consolidations of the 1990's, which has now left the complex with more than 18,000 employees.
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