CRYSTAL CITY, VA-Strong financing terms for commercial real estate loans and refinancing are no stranger to the Washington, DC area market. Still, it is always good to see how these deals are being structured at various points in the cycle--especially if they are large transactions or have unique elements.

One such deal is the refinancing for Lowe Enterprises’ Century Center I and II--a two-building office complex here that totals 626,000 square feet, including ground floor retail. At $118 million, the five-year, adjustable-rate loan is a significantly sized deal for the area. Wells Fargo is providing the loan, the proceeds of which will not only refinance an existing loan but will also fund future leasing and capital expenditures. 

Lowe recently completed a $30 million renovation of the property. HFF’s Cary Abod, Bill Asbill and Bob Donhauser represented Lowe in the deal.

In a separate transaction, Beech Street Capital secured a smaller package. It provided $36.35 million via a Fannie Mae conventional loan to refinance a portfolio of three Maryland apartment communities--Knight’s Bridge II, Fox Rest and Autumn Crest--for a total of 783 units. The transaction was originated by Meridian Capital Group. What was distinguishing about this deal was its speed--the borrower was able to rate-lock the three deals in just over one week from the receipt of application. A forward rate-lock for 100 days to minimize the borrower’s prepayment penalty was also secured.

The fixed-rate loans have a term of 10 years and a 30-year amortization schedule. Neither Beech Street nor HFF returned a call to GlobeSt.com in time for publication.