WASHINGTON, DC-There has been talk of CMBS financing for officeproduct in the Washington, DC area--but not much tangible activity,says Cassidy Turley’s Phil Mudd. Certainly not compared to othercities, such as Detroit or elsewhere in the Midwest.
That, however, is more indicative of the strong conventionalfinancing that is still available for office producthere--particularly for small sized refinancings, he tellsGlobeSt.com. Indeed, even as CMBS begins to revive it is limited tolarge deals, primarily because that is what the large-sized playersentering the space want.
Cassidy Turley recently secured refinancing for a K streetoffice that illustrates Mudd’s point. 1420 K St. is a57,870-square-foot office building located on the south side of KStreet, between 14th and 15th Streets. The $10-million, five-year,floating rate loan for the 11-story building was provided by aregional bank.
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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.
