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.
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.
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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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.
