WASHINGTON, DC—The owners of 1750 H St., a joint venture between First Potomac Realty and AEW Capital Management have secured a $32 million, fixed-rate loan from State Farm Life Insurance Co. The term is for ten years. Members of JLL's Capital Markets team, including Jon Goldstein, Wesley Boatwright and Mike Yavinsky helped arrange the financing.
The 10-story, 113,235-square foot CBD building was constructed in 2002 in DC's coveted Golden Triangle submarket. That, plus its institutional sponsorship and high-credit tenant base generated a lot of lender interest, according to Goldstein, "ultimately resulting in exceptional terms for First Potomac and AEW."
Such lender competition is not unusual for DC-based deals especially ones that check all the boxes of sponsorship, asset quality and location. "Lenders still view Washington, DC as one of the safest markets in which to transact and therefore are aggressively pursuing deals here," Goldstein says. "With spreads having contracted fairly significantly this year, it's a great time to lock in a low coupon for the long term.”
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