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.


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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