ARLINGTON, VA—An affiliate of Beacon Capital Partners has secured a $82.8 million loan for International Place, an office building located at 1735 North Lynn St., in Rosslyn.
NGKF Capital Markets' Joe Donato, Maury Zanoff, Matt Williams and Jamie Leachman arranged the financing for the 12-story, 292,799-square-foot office building.
Morgan Stanley provided the loan, the proceeds of which the borrower will use to repay its existing loan and fund future tenant improvements and leasing commissions as the property is leased to stabilization.
The loan is floating rate, and has a two-year initial term and three one-year extension options.
Rosslyn is experiencing an unusual (for this submarket) period of market vacancy, due to the ongoing impact of the Base Realignment and Closure Act and recent new supply that delivered into the market.
Morgan Stanley liked the fundamentals of the property and the submarket, despite the current vacancy rate, according to NGKF.
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