ROSSLYN, VA-Monday Properties and Goldman Sachs have closed on a $200 million construction loan for their trophy asset under development here – 1812 North Moore St. Pacific Life Insurance Co. is providing the financing.
Appetite for the loan was strong with five balance sheet and institutional lenders competing for it, Tim Helmig, EVP and chief development officer, at Monday Properties tells GlobeSt.com. "We are the last remaining trophy building within the core markets in the broader area. Pac-Life felt very confident in the fundamentals of the Rosslyn area and the sponsorship."
Monday Properties has self-funded the construction to date. Helmig declined to discuss the development costs for the property, but did say there was still significant equity left in the building even after the construction loan.
1812 North Moore will be topping out this week. It will deliver in September. Helmig also declined to discuss leasing but did say he was confident the building would be fully leased within a year after its delivery. Asking rates are in the mid-60s per square foot range.
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