WASHINGTON, DC-A life insurance company has provided a 20-year, fixed-rate $181 million permanent loan for 1000 Connecticut Ave., N.W., the 383,988-square foot trophy building that just delivered in the District. Cassidy Turley's Philip Mudd, Christian Miles and Bradley Geiger secured the financing on behalf of the owner, Connecticut & K Associates, LLC. The loan was closed by Grossberg, Yochelson, Fox & Beyda, owner's counsel. The LEED Platinum-certificated building is currently 86% leased, anchored by the law firm of Arent Fox LLP.

Under most circumstances the trophy property would garner the best financing and terms but a 20-year term is eyebrow-raising for even 1000 Connecticut. "Ten year deals are more typical in this market," Mudd tells GlobeSt.com. "We have done other 20-year and 15-year deals but the bulk of what we're doing is still 10 years."

Mudd adds that the loan took several years to secure, with the team starting to talk to lenders as far back as 2008. "We wanted to get the best terms," he explains.

Life insurance companies have been very active in the DC area, and Mudd—along with most market participants—anticipate a similar level of activity here in 2013. "Allocations to commercial real estate] should be about the same as they were this year," Mudd says. More than likely, deals will slow for the remainder of 2012, he predicts, but then they will start up again in 2013.

Located on the northwest corner of Connecticut Avenue and K Street, 1000 Connecticut Ave. has views overlooking Farragut Square, Lafayette Square and the White House. Pei Cobb Freed was the designer. The firm also designed its sister property, 1700 K St, located directly across K Street.