BETHESDA, MD-The new owners of the Air Rights Center here, a joint venture between MRP Realty and Rockpoint Group, have secured $150 million in acquisition financing. The lenders are CIBC and SunTrust, according to Cassidy Turley's John Campanella, who along with colleague Paul Spellman, closed on the financing last week.
The 65% LTV loan has a five-year term and is interest only, Campanella tells GlobeSt.com. "Good sponsors and good infill assets like this do price out very efficiently so we had between eight to ten lenders actively chasing the deal. It was very aggressively bid and we received at least ten strong quotes."
TIAA-CREF sold the three-building complex and development site last month. The 688,717-square foot office buildings are 93% leased; the development site is at 7300 Pearl St. and will comprise 150,000 square feet of office space. Its site plan is already approved.
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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.
