WASHINGTON, DC-Bank of America has provided a floating rate, five-year $124 million loan in permanent financing for Paramount Group's 425 Eye St., NW. Cassidy Turley's Christian Miles, Philip Mudd and Bradley Geiger helped secure the financing.
The LEED EB Gold building is 365,800 square feet and 86% leased, a large portion of which to the Board of Veteran's Affairs on a long-term basis. The property was renovated in 2010 with new electrical and mechanical systems and a new exterior glass and a granite curtain wall.
Paramount wanted the floating rate financing in order to maintain flexibility, Mudd tells GlobeSt.com. "They didn't want the long-term financing."
According to Mudd, there was a lot of interest in the property. The competition for the loan, he says, "shows that DC is still one of the markets of choice around the country and around the world."
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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.
