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.

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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.

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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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Jon Goldstein, Christian Miles and Mudd secured the financing onbehalf of Rhodium. "This is a DC property in the CBS and despiteits smaller size was still highly sought after because of its KStreet location," Mudd says.

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