McLEAN, VA—After sending a loan on 1750 Old Meadow Rd. to special servicing, Matan Cos. was able to secure refinancing from Eagle Bank that funded the original $30.5 million but also provided capital for a renovation and re-tenanting costs.

"We anticipated needing an extra 30 days to close our repositioning/refinance loan with Eagle Bank," principal Mark Matan tells GlobeSt.com. "LNR was very accommodating and the loan is now closed."

Last month Trepp reported that the loan had gone into special servicing in June as Matan Cos. still had not secured the refinancing for the 137,000-square foot office building located at 1750 Old Meadow Rd.

The special servicer notes indicated in June and July that the sole occupant in the building would renew. Then in August, the special servicer included a note that the tenant was not expected to renew. The last information Trepp had was that "the status indicates that a foreclosure is being pursued."

Matan, though, says the firm had been well aware that the tenant, SageNet, would be leaving all along. "SageNet has been our tenant for close to 15 years," Matan said. "Through several mergers and sales, their business model had changed over the years. We had been preparing for their departure for 36 months."

When asked about the conflicting information, Trepp research analyst Sean Barrie told GlobeSt.com that their original account was accurate.

With the refinancing in place, Matan is preparing to reposition the building and market it, focusing on its proximity to the Silver Line's McLean metro stop. "We'll be renovating the lobby's common areas and entrance and overall modernizing the building."

GlobeSt.com had requested comment from Matan Cos. and SageNet for the original story but neither company responded.