WASHINGTON, DC-Debt financing has been arranged for the recent acquisition of Georgetown Center. Cassidy Turley has secured $46.5 million in interest-only financing from a CMBS lender for a five-year term. While CMBS lending has returned to the market, some of the more aggressive features, such as interest-only financing, have been relatively rare.
The debt financing was arranged for two office buildings totaling 293,845 square feet on behalf of the owner, Virginia-based The JBG Cos. Cassidy Turley’s John Campanella, who arranged the transaction, was unable to return a call to GlobeSt.com in time for publication.Georgetown Center is located at 2121 and 2115 Wisconsin Ave., NW. It is currently 92% leased by Georgetown University and MedStar Health.
JBG acquired a 100% interest in Georgetown Center along with a majority interest in 1600 K St. last month from Westbrook Partners, which owned the building with local firm ICG Properties. It acquired the portfolio for a total of $101.5 million, as the life of the Westbrook fund that held the buildings was expiring.
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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.
