WASHINGTON, DC-SunTrust Bank has provided a 10-year, floating rate non-recourse loan of $112 million to the California State Teachers' Retirement System for Lincoln Place, a 503,776-square foot Class A office complex that is fully leased to the US Drug Enforcement Agency. Jones Lang LaSalle's Wes Boatwright, Mike Yavinsky and Jon Goldstein led the transaction.

This is the second $100 million plus deal JLL has placed with SunTrust in the last 18 months, Boatwright tells GlobeSt.com. "One reason they are winning these deals is that they are willing to do larger transactions and then syndicate them later on."

In addition, this deal was a bit unusual in that SunTrust made the commitment even though the tenant's term was essentially has a six-and-a-half years with an additional four years at renewal. "SunTrust structured the loan around the rollover," Boatwright says.

"It is unusual to find a bank willing to do a loan that extends beyond the lease maturing and that is willing to give a total of 10.5 years on a loan."

SunTrust is among those community banks that are moving away from their traditional constructing lending roots, Boatwright also says. Construction lending can be risky and it tends to deliver low yields. "The bank doesn't lend out the full amount right away but they have to obligate the capital for the entire amount on their balance sheet and it doesn't earn as much interest as a result."

Lincoln Place is a 12-story, two building office complex fully leased through September of 2018. It is located on Army Navy drive, just feet from the Pentagon and next to the Pentagon City Metrorail station.