WASHINGTON, DC-Capital One Bank announced it was the institution that provided the floating-rate financing secured by Jamestown to acquire 701 13th St., NW--that is, One Metro Center. The loan amount, it has been revealed now, was $155 million at a seven-year term loan.
"Jamestown is a trusted client of Capital One Bank," says Ben Stacks, Greater New York Market Manager, Capital One Bank Commercial Real Estate, in a prepared statement.
One Metro Center traded for $307.5 million, sold by Clarion Partners. Cassidy Turley's John Campanella and Paul Spellman arranged the floating-rate loan that financed the acquisition.
The 421,235-square foot building has some near term rollover, but the value of the property is undeniable: it is a Class A building physically linked to the central hub of the Metro. Plus, the property's fundamentals will improve as CityCenter takes shape.
Located at 701 13th Street, NW, the six-story One Metro Center is atop and adjacent to Macy's department store. It delivered in 2003 and features a 5,000-square-foot stone and glass atrium.
Capital One announced it was the bank provider for the One Metro Center deal following news this month that it is acquiring multifamily originator Beech Street Capital. The combined entity, when the deal is finalized in the fourth quarter of 2013, will result in the fifth largest national multifamily loan originators.
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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.
