BETHESDA, MD—HFF placed a 36-month, floating rate $37.1 million bridge loan with Citizens Bank to refinance an existing loan on Executive Plaza, a two-building 328,457-square foot office complex in North Bethesda.
Loan proceeds will also be used for continuing capital improvements and leasing related costs.
Monument Realty and Angelo Gordon are the borrowers, according to HFF.
Susan Carras, Walter Coker and Brian Crivella at HFF led the debt placement team.
Executive Plaza is located at 6120 and 6130 Executive Blvd. The buildings were constructed in the 1980s and were fully leased to The National Cancer Institute, until it vacated in 2013. Renovations to the building began at the point.
The building last traded in 2012, when a joint venture between Lowe Enterprises and Angelo Gordon acquired the complex for $36.75 million. At the time the plan called for a $7 million to $8 million renovation. The following year Monument Realty was tapped to lead the renovations.
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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.
