John Hancock Financial is providing the refinancing funds, which come in the form of a 10-year fixed-rate loan. "HFF was able to arrange a forward commitment with interest-only for the entire term as the borrower requested," HFF senior managing director Bob Donhauser notes in a prepared statement on the deal.
Located in the midst of the Supreme Court, the US Capitol and the White House, the class A Potomac Center South currently boasts a full occupancy level. The brand new 11-story tower is home to the likes of such federal entities as the Department of Education and the Department of Housing and Urban Development.
"JBG and Prudential refinanced for two reasons," Donhauser tells GlobeSt.com, "one, to replace a construction loan that was on the property; and two, to take advantage of the attractive interest rate market."
JBG and Prudential are not done with Potomac Center just yet. On the parcel next door to Potomac Center South, ground has already broken on its sister building, Potomac Center North, which will be 520,000 sf in size upon its scheduled completion in 2005. Hickok Warner Cole Architects designed the first structure and will apply its expertise to the design of the companion building, as well.
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