ALEXANDRIA, VA—PNC Bank provided a ten-year, $35 million senior mortgage loan for 1800 Diagonal Rd. Cushman & Wakefield secured the funding for an affiliate of Carr Properties and Aetna Life Insurance Co. C&W's Gideon Gil, Mark Ehlinger and Suraj Ravi arranged the financing.
The borrowers received a number of competitive quotes for the transaction, Gil tells GlobeSt.com, from a range of lenders including CMBS, bank and life companies. The JV eventually opted for PNC because it was a relationship lender and it was able to lock the rate before closing, he says. The transaction also reiterated the ongoing appeal of transit-oriented office buildings, he adds.
1800 Diagonal Rd. is a seven-story, 149,361-square foot class-A office that is 87.5% leased to 27 tenants. It is directly the King Street Metro station.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.
