The 64,537-square-foot 1627 K is a fully leased office building, while 1413 K St. is 31,646 square foot and 81% occupied. Jon Goldstein, Christian Miles and Phil Mudd of Cassidy & Pinkard Colliers arranged the financing on behalf of 16 Cobalt, LLC and Silicon 13 LLC.
The deal is emblematic of the now huge role regional banks are playing in local refinancings and office trades. Banks such as Cardinal, Chevy Chase and others are stepping into--although hardly filling--the huge gap created by the credit market crunch.
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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.
