WASHINGTON, DC-America’s Square, a 461,484-square-foot officecomplex in the District’s CBD has recapitalized with a firstmortgage loan provided by MetLife and a mezzanine loan provided bylocal REIT First Potomac Realty Trust.

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America‘s Square, owned by local developer-investor DweckProperties, consists of 51 Louisiana Ave., a 205,580-square-footoffice building, and 300 New Jersey Ave., a 255,904-square-footoffice building that delivered in April 2009. Combined, thebuildings occupy an entire city block, located one block north ofthe US Capitol Building and two blocks south of Union Station.

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A first mortgage is a routine transaction for MetLife but thisparticular deal is only the second mezzanine loan that FirstPotomac has placed, founder and CEO Douglas Donatelli tellsGlobeSt.com. The other was for 950 F St., NW.

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He says that First Potomac is moving cautiously into this area,only providing such financing on a one-off basis. “For the rightopportunity it is something we would consider,” he says. “For thisparticular loan, we liked the transaction because it is anoutstanding trophy asset and we know and like Ralph Dweck.”

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America’s Square is currently 93% leased to such tenants asJones Day, Comcast, Carr Workplaces and Siemens, which recentlyrelocated its US headquarters from New York City to the property.The five-year mezzanine loan has a 9% interest rate.

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