WASHINGTON, DC-There has been talk of CMBS financing for office product in the Washington, DC area--but not much tangible activity, says Cassidy Turley’s Phil Mudd. Certainly not compared to other cities, such as Detroit or elsewhere in the Midwest.
That, however, is more indicative of the strong conventional financing that is still available for office product here--particularly for small sized refinancings, he tells GlobeSt.com. Indeed, even as CMBS begins to revive it is limited to large deals, primarily because that is what the large-sized players entering the space want.
Cassidy Turley recently secured refinancing for a K street office that illustrates Mudd’s point. 1420 K St. is a 57,870-square-foot office building located on the south side of K Street, between 14th and 15th Streets. The $10-million, five-year, floating rate loan for the 11-story building was provided by a regional bank.
Jon Goldstein, Christian Miles and Mudd secured the financing on behalf of Rhodium. "This is a DC property in the CBS and despite its smaller size was still highly sought after because of its K Street location," Mudd says.
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