The sale was secured by a $75 million loan structured as a variable-rate, 30-year taxable bond sale. This transaction was enhanced by a Letter of Credit facility provided by PNC Bank, in which Wells Fargo, Chevy Chase Bank and Virginia Commerce Bank also participated. PNC Capital Markets marketed the bonds. HFF senior managing directors Bill Asbill and Bob Donhauser and director Cary Abod represented MBA in the financing. HFF did not return calls in time for comment.
The acquisition financing also provides MBA with enough proceeds to fund the remaining tenant improvement and leasing costs for the 60% or so of the building that will be leased, according to Asbill.
Delivered in April 2008, the MBA Headquarters Building is one of the few Gold LEED buildings here. It was pre-certified by USGBC as Gold for the core and shell and Silver for the interior, according to Donhauser.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
