WASHINGTON, DC-ASB Real Estate Investments has secured $32.1 million in permanent financing for 801 North Capitol Street, NE, a building it acquired last September for $53.5 million.
Cassidy Turley's John Campanella and Paul Spellman arranged the financing on behalf of ASB via a bank.
The property is a solid play for ASB and comes with development upside down the road to boot, Campanella tells GlobeSt.com. The University of the District of Columbia is a long-term tenant at the 87,883-square foot Capitol Hill building, with its lease up in 2026. But also, because of the building's location in the North Capitol Receiving Zone, ASB can more than double the current square footage through Transferable Development Rights when the lease term is up.
"It is a great play and business plan," Campanella says. "When the time is right in the market, ASB can go through the zoning process to add addition FAR to the site." The loan it has taken out can be prepaid without penalty, he adds.
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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.
