ELV Associates owned Towngate III, a 49,900-sf office at located at 625 Slaters Lane in the Alexandria submarket. Towngate IV, which consists of 56,500 sf of class A office space, is located at 635 Slaters Lane. Together, they are 95.4% leased.
Working on behalf of ELV Associates, Inc., Holliday Fenoglio Fowler LP senior managing directors Bob Herron and Bill Asbill structured the financing as a permanent loan for Towngate III and an acquisition loan for Towngate IV, which was encumbered with existing debt.
"Towngate IV had an AIG loan on it," Herron tells GlobeSt.com. "We agreed to assume the existing loan with a forward commitment and extension, and consolidate all of the debt into one financing in order to avoid a pre-payment penalty."
The acquisition cost of Towngate IV was more than $18 million, he adds.
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