L.J. Melody, a CB Richard Ellis company, has arranged $17 million in financing for the Churchill Hotel in Washington DC; $13.7 million for Ocean Park Plaza in Santa Monica, CA; $13.3 million for Princeton Park Corporate Center in Princeton, NJ; and $10 million for the Pontius Building in Seattle.
The Churchill Hotel, located at 1914 Connecticut Ave., is the former Hotel Sofitel. The $17 million will be used for acquisitions and renovations on the nine-story, 144-room hotel. Fremont Investment & Loan has provided the financing on behalf of Whitewood LLC-Packwood Management. John Farrell of L.J. Melody's Atlanta office has handled the financing.
Santa Monica's Ocean Park Plaza is getting its $13.7 million from GE Capital on behalf of Build America LLC. Robert S. Morey in the Los Angeles office of L.J. Melody has structured the financing for the 15-year-old, two-story, 93,800-sf office building. The State of California is the lead tenant in the 95% leased property.
The Princeton Park Corporate center is an 89,000 sf, research and development center currently fully occupied by Pharmacopeia. Keith Braddish of L.J. Melody's New York City office has arranged a $13.3-million, fixed-rate financing through Credit Suisse First Boston on behalf of the Seltzer Group.
Jack S. Standeford and Michal Makar in L.J. Melody's Seattle office have structured a $10-million financing package for 72,000-sf, four-story Pontius Office Building in Seattle. The tenant roster includes Providence Home Care, Howard S. Wright Construction, Weber Thompson Architects and Weber Marketing Group. Lincoln National Life Insurance Co. on behalf of SP Real Estate Fund 2 LLC, Smith Cove Partnership & Lynn Radtke is providing the financing.
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