ALEXANDRIA, VA—PNC Bank provided a ten-year, $35 million senior mortgage loan for 1800 Diagonal Rd. Cushman & Wakefield secured the funding for an affiliate of Carr Properties and Aetna Life Insurance Co. C&W's Gideon Gil, Mark Ehlinger and Suraj Ravi arranged the financing.
The borrowers received a number of competitive quotes for the transaction, Gil tells GlobeSt.com, from a range of lenders including CMBS, bank and life companies. The JV eventually opted for PNC because it was a relationship lender and it was able to lock the rate before closing, he says. The transaction also reiterated the ongoing appeal of transit-oriented office buildings, he adds.
1800 Diagonal Rd. is a seven-story, 149,361-square foot class-A office that is 87.5% leased to 27 tenants. It is directly the King Street Metro station.
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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.
