WASHINGTON, DC—South Korean investor Mirae Asset Global Investments has secured a $267 million loan to finance its recent acquisition of 1801 K St., NW, which it purchased for $445 million at a 5% cap rate.
The five-year, fixed-rate loan, which is 60% of the purchase price, was arranged by JLL's Jon Goldstein, Wes Boatwright and Mike Yavinsky.
JLL's Bill Prutting, Jim Molloy and Jason DeWitt brokered the acquisition on behalf of Somerset.
There was strong appetite among lenders for this deal, Goldstein tells GlobeSt.com. One of the reasons MetLife was eventually selected was because of Mirae's preference for fixed-rate financing.
In general life insurance companies look poised to match or even exceed their lending allocations to DC-area commercial real estate this year, Goldstein says.
"DC remains one of the favorite markets for life insurance companies and that is one reason we received very strong terms for this transaction."
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