WASHINGTON, DC—In a postscript to Harbor Group International's acquisition of 450 H St., NW earlier this month, HFF has announced it arranged financing for the 31,340-square-foot office building, placing a 10-year, interest-only loan with a CMBS lender.
HFF also marketed the property, which is fully leased to the District of Columbia's Department of Youth Rehabilitation Services, on behalf of Brookfield Real Estate Opportunity Fund.
The property traded for $13.52 million.
HFF's Dek Potts, Andrew Weir, Jim Meisel, Steve Conley, Matt Nicholson and Dave Baker represented the seller. Financing was arranged by HFF debt placement specialist Dan McIntyre.
CMBS, of course, posted banner loans last year and this year is shaping up to be equally as good or better. In 2013 CMBS lending rose 85% to reach $82 billion.
2014 promises to be even more robust with the general consensus being that the market will hit $100 billion in issuance.
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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.
