FORT WASHINGTON, PA-Bayview Financial LP obtained a $14-million refinancing loan for 1301 Virginia Dr., a 104,433-sf office building. The loan has a 10-year term and 30-year amortization and represents an 80% loan-to-appraised-value ratio.
Paul Stasaitis, senior managing director of the Miami office of Holliday Fenoglio Fowler, arranged the financing for the Coral Gables, FL-based owner. Stasaitis declined to disclose the interest rate. "I don't know the rate of the original loan on the property," he tells GlobeSt.com, "but, in addition to lowering the rate of the previous mortgage, Bayview locked in a 10-year fixed rate." Stasaitis says that represents a growing proportion of current lending. The conduit lender for this loan is Bank of America CMBS Capital Markets.
Bayview acquired the building, which is located in Maplewood Office Park at the intersection of Route 309 and the Pennsylvania Turnpike just north of Philadelphia, this February. It was built in 1985 and renovated in 1994 and again in 1999. At the time the refinancing closed, it was 100% leased, Stasaitis says. A Bayview subsidiary, Interbay Funding, recently expanded to occupy 40% of the building. Other tenants include General Electric, Timken Industries and Alfred Angelo Bridal.
Bayview is a full service real estate investment and mortgage finance company. Its real estate arm has acquired approximately three million sf of retail, office and multifamily property since 2000.
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