WASHINGTON, DC-A long-standing local real estate family has refinanced 1818 N St., NW with a life insurance company. Philip Mudd and Christian Miles of Cassidy Turley secured long-term, fixed-rate financing for the Golden Triangle office building.
While declining to discuss terms of the deal, Mudd tells GlobeSt.com that the borrower secured an excellent package. “Life insurers are very aggressive about buildings here, especially those that are modestly leveraged, well located and have good sponsorship,” he says. The property refinanced at a cap rate between 6% to 6.5%.
A recent trade in the same neighborhood--First Potomac’s acquisition of 1211 Connecticut Ave. for $49.5 million, or approximately $359 per square foot--also penciled in at the same range. The building, located at1818 N. Street, NW, is an eight-story, 103,284 square-foot office asset with an historic townhouse fa
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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.
