JLL Closes Nearly $141M in Bridge Financings

WASHINGTON, DC-Brokers in Jones Lang LaSalle Capital Markets has been on a tear in recent weeks, securing nearly $141 million in bridge financing for various borrowers in the Washington, DC and Baltimore markets. Leading the charge has been Wes Boatwright, Jon Goldstein and Mike Yavinsky.

The assets have been varied, ranging from industrial to office. Because these are bridge loans they do share some common characteristics—namely, the buildings are partially leased and require additional tenants. They include:

• A $31 million bridge/acquisition loan for One Ballston Plaza in Arlington, VA;

• A $44 million bridge/acquisition loan for Executive Plaza in Bethesda, MD;

• A $25 million bridge refinancing for High Ridge in Fairfax, VA;

• A $23 million bridge/acquisition loan for Cameron Run in Alexandria, VA; and

• An $18 million bridge refinancing for an office and industrial portfolio in Baltimore, MD.

The lenders have been as varied as the borrowers, ranging from debt funds, banks, and life companies—all of which are looking for yield—stepping up to provide viable loans. In general, the lending environment has gotten more difficult for some borrowers in the DC area, with the slowdown in the leasing activity over concerns of the upcoming election and possible sequestration.

That said, lenders tend to focus on a submarket rather than a market, Yavinsky tells GlobeSt.com, which makes it difficult to generalize. In many cases, he says, “we have been able to put together some very interesting structures.”