WASHINGTON, DC—Lastweek we covered JOSS Realty's acquisition ofGeorgetown Plaza at 2233 Wisconsin Ave.,NW, from Carr Properties for $26.8million. More details of the transaction have emerged,namely about the financing JOSS secured to buy the 150,097-squarefoot, five-story office building that has a 79% occupancy rate.
Gideon Gil, Alexander Hernandez, SridharVankayala and Alex Lapidus ofCushman & Wakefield secured a $24.5million senior mortgage loan from Square MileCapital Management LLC, which along with USAA Real EstateCo. launched a CRE loan platform a year ago, almost to theday.
It is three-year, floating-rate financing, with two one-yearextension options.
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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.
