WASHINGTON, DC—Furioso Development Corp. has secured a $29.5 million CMBS loan from JP Morgan. The financing was arranged by Property Capital, a local real estate placement advisor, for two adjacent building in the East End, one of which was just constructed.
The original building, located at 1515 14th St. NW, is roughly 13,500 square feet, was constructed in 1920. After FDC acquired the building, it was extensively renovated.
The adjacent building at 1525 14th St. NW delivered earlier this month. The 42,000-square foot building will house Whitman-Walker's main healthcare facility as well as a pharmacy owned and managed by the non-profit.
Keith Harney of Property Capital arranged the financing. He says the deal had considerable interest from lenders attracted by the property's tenancy, fundamentals and location. Also the building was designed for LEED Gold New Construction.
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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.
