ROSSLYN, VA-More evidence that life insurers like DC-area commercial real estate: Prudential Mortgage Capital Co. has refinanced the Rosslyn Metro Center with a $43.5-million, 10-year, fixed-rate loan. Holliday Fenoglio Fowler's Bill Asbill, Bob Donhauser and Cary Abod secured the financing for the 407,364-square-foot, mixed-use building on behalf of the Clover Cos.
It is little secret now that life companies have returned to the market. Their preference has been for multifamily, but as this financing shows, they also have an appetite for mixed-use and retail.
Prudential Mortgage Capital Co. also invested in the DC-area market through Prudential Johnson Apartment Capital Express, its JV with Johnson Capital, to originate and service loans for Freddie Mac Program Plus. It provided a $43-million, 10-year, fixed-rate refinance loan for a 706-unit garden-style apartment community in Vienna, VA.
Located at 1700 N. Moore St. on top of the Rosslyn metro station, Rosslyn Metro Center’s 22 stories of retail and office space are 89% leased. GSA occupies about 176,000 square feet, or 43%, of that space.
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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.
