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. JonGoldstein, Christian Miles and Phil Mudd of Cassidy & PinkardColliers arranged the financing on behalf of 16 Cobalt, LLC andSilicon 13 LLC.

The deal is emblematic of the now huge role regional banks areplaying in local refinancings and office trades. Banks such asCardinal,Chevy Chase andothers are stepping into--although hardly filling--the huge gapcreated by the credit market crunch.

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Erika Morphy

Erika Morphy has been writing about commercial real estate at 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.