ARLINGTON, VA-PRC has secured permanent financing on behalf of Clark Enterprises and the Shooshan Co. for the Quincy Street Station office building. PRC placed the forward commitment 10-year, fixed rate loan with a large regional bank, according to PRC director Lindsay Stroud. “This is a six-month forward,” he tells GlobeSt.com. “Another crucial aspect to this transaction is that we obtained a ten-year loan term for an eight-year lease.”

Quincy Street Station, fully leased to defense contractor SAIC, is as solid a bet as a finance provider could hope for. Still, forward commitments, even in the DC area market, are rare. Coincidentally--or not--another similarly-structured deal closed for the development of the Defense Advanced Research Projects Agency 1.2 million-square foot headquarters, located close by.

At the start of the year, HFF secured an 18-month forward commitment from Prudential Mortgage Capital Co. for a 15-year, fixed-rate loan. Given the rarity of these structures, it is an educated bet that lenders feel quite secure if the DARPA project is the demand driver for a real estate transaction. Another bit of speculation: SAIC may wind up staying far longer in Quincy Street Station than eight years.

Quincy Street Station is located at 4001 N. Fairfax Dr. The eight-story, 183,578-square-foot building also has underground parking for its tenants. The loan was provided by PNC Bank, under a lending program that allows the bank to keep such loans on its balance sheet if not securitized.