The financing was a straightforward transaction, McIntyer tellsGlobeSt.com. "The only twist is that the funding was set up as athree-year revolving line of credit upon which the borrowers coulddraw down." Unencumbered with debt, the building's financing provideslittle guidance about how well, or not, the capital markets areperceiving DC area real estate or where valuations are at the moment.
This transaction aside, McIntyre joins a growing number of brokersthat report a thaw is indeed occurring. "I would say it began inNovember and December and has continued since." He predicts that 2010will be the year that the capital returns.
1100 G St. is an 11-story, 109,959-square-foot building in theheart of the East End. It is 85% leased, with major property renovations underway including upgrades and restorations to theexterior façade and entry, main lobby, common area corridors andrestrooms.
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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.
