The 65% loan-to-cost financing will provide funds until the asset is stabilized. Tenants in the building include FTI Consulting, Brunswick Capital, and Brasserie Back. In January JBG announced that it had inked a total of 70,325 square feet of leases with the DC Bar, Lazard Freres & Co. and the Information Technology Industry Council, represented by Cassidy & Pinkard Colliers' Phillip Thomas, Richard Tonner, and Kerri Mulligan Salih.
The deal is welcome news to the DC real estate community, which has seen credit dry up for even well-stabilized properties. Large sized deals over $100 million are even more rare. In November, Connecticut & K Assoc. closed on $194 million in construction financing for 1000 Connecticut Ave., a 12-story, 383,392-square-foot trophy office building under development in the city's CBD. Philip Mudd, Christian Miles and Jon Goldstein of Cassidy & Pinkard Colliers arranged the financing, provided by a consortium of five or so institutions led by Chevy Chase Bank. There have been few similar sized such financings since then. HFF, which helped to secure JGB's loan, did not return a call to GlobeSt.com.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
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.
