WASHINGTON, DC-The LLC that owns 1919 M St. has secured $51 million from a life company to refinance the debt due on the Central Business District office building. The location and the fact that the building has been so well maintained was an important factor to the lender, Cassidy Turley's Phil Mudd tells GlobeSt.com.
Mudd along with colleague Brad Geiger arranged the permanent, fixed-rate financing for the 278,722-square foot building. "In general Washington DC's CBD is very attractive to lenders, especially life companies," Mudd says. With the year winding down, life companies are close to filling the allocations for the year; Mudd says he only has a few more deals in the pipeline for 2013. "2014, though, is already shaping up well."
The property was developed in 1967 by the current owners, the Smith-Kogod and Edward H. Kaplan families. It was later renovated in 2000. Last year, 1919 M St. achieved LEED gold certification from the U.S. Green Building Council.
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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.
