LOUDOUN, VA—A JV that acquired two office buildings earlier this year within the Loudoun Tech Center has secured a $22.5 million bridge loan from NXT Capital. The owners, The Pinkard Group of Bethesda and Buchanan Partners of Gaithersburg and AEW Capital Management, bought the buildings in two separate transactions almost a year apart from special servicers.
In the case of the first acquisition, they secured debt financing for the acquisition. The property, Lakeside III @ Loudoun Tech Center, was acquired from a special servicer for $12.4 million in 2014. Wells Fargo provided the debt financing. The second purchase, of Lakeside II, was earlier this year. It was purchased from LNR through the auction.com online platform.
Lakeside III is located at 21355 Ridgetop Circle. It is a four-story 101,787-square-foot building -- one of three on the 30-acre campus originally developed by a partnership of Buchanan Partners and Tishman Speyer in 2001. VeriSign used the building as its East Coast headquarters at one time. Lakeside II is a four-story building located at 21345 Ridgetop Circle
HFF's Dan McIntyre arranged the four-year, floating-rate, non-recourse bridge loan. The broker says the loan is being used to finance the acquisition, for the lease-up of the properties and to stabilize the property.
The property is 24% leased.
HFF did not return a call to GlobeSt.com.
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