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BETHESDA, MD-A $4.5-million refinancing package has just been completed for the 41,000-sf medical office building known as Virginia Square Plaza. NorthMarq Capital Inc. orchestrated the mortgage financing on behalf of property owner Virginia Medical Square LP.

Situated off I-66, the seven-story, class B structure was originally developed in 1967, and underwent a substantial renovation in 1996. According to Arlington County records, the property has a current assessed value of $7.6 million.

There was a great deal of competition to provide the financing for the property, but Principal Financial came out on top of the deal. NorthMarq senior vice president/senior director Gary McGlynn explains in a release on the news that “Principal’s reputation, competitive pricing and strong relationship with NorthMarq offered the best execution for the sponsors.”

The loan is for a 10-year term and comes with a 25-year amortization. McGlynn tells GlobeSt.com that the deal was a good investment “because of the low-leverage–45% loan-to-value.” He adds that the borrower sought refinancing “because the loan was coming due and the interest rates were very attractive.”

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