TYSONS CORNER, VA—Financing for the record-setting CVS trade here earlier this month has been announced. EagleBank provided Rappaport with a $18.5 million loan for its $24.7 million purchase of a newly-constructed CVS, located at the corner of Leesburg Pike and Gallows Road.
The seven-year, fixed-rate loan was secured by HFF's managing director Mark Remington.
The deal was a high-profile one, especially in the net lease space, for its 4.7% cap rate. Calkain Cos. CEO Jonathan Hipp, who along with Andrew Fallon and Jonathan Florin represented the sellers, told GlobeSt.com earlier this month that "this is probably the lowest cap rate ever for a CVS in this price range."
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