BETHESDA, MD—Wells Fargo has provided a 10-year, fixed-rate $20-million loan to refinance 8120 Woodmont Ave., a 135,589-square foot office building here. The nine-story property is 90% leased to a variety of tenants, which added to its appeal to lenders, JLL's Mike Yavinsky tells GlobeSt.com.
Yavinsky, along with Wesley Boatwright and Jon Goldstein, secured the financing for the building ownership, Bethesda Associates L.C., a group that includes majority stakeholder Triumph Partners. Triumph also leases and manages the property.
"The lending community is very interested in seeking out financing of stabilized product in transit oriented locations," Yavinsky says. "Properties with those characteristics will generate attractive debt terms." Woodmont Plaza offered all that along with the diverse rent roll, which reduces the lenders' exposure to any one tenant departing sooner than expected.
There have been a spate of refinancings in the DC area lately for a good reason—the rate environment is still very attractive for borrowers.
"Over the past month we have seen 10-year Treasuries come in 10 to 20 basis points and we have seen spreads come in five or 10 percentage points," Yavinsky says.
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