ARLINGTON, VA-A debt fund has provided a $100 million refinance loan to The Meridian Group for National Gateway I and II, a two-building office complex here with a retail component that totals 437,379 square feet.
Cassidy Turley's John Campanella and Paul Spellman secured the financing on behalf of The Meridian Group.
Campanella tells GlobeSt.com that the company will use the proceeds from the refinancing to provide capital for TIs and leasing commissions.
The debt fund is a national player that has a presence in Washington, DC, he notes. "What we are seeing now is debt funds becoming much more competitive with banks in Tier One or gateway markets."
For example, Campanella said, in 2012 debt funds were pricing deals 600 to 700 basis points over Libor. "Now we are seeing them price deals in the 400 to 500 over Libor range."
Part of the 4.5 million-square-foot Potomac Yard mixed-use development in the Crystal City, National Gateway I and II achieved LEED-EB Gold Certification in 2012. The Meridian Group broke ground on the first phase of the project in 2007.
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