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WASHINGTON, DC-Cornerstone Property Fund has secured $35 million in financing for Chevy Chase Plaza, a 161,500-sf office building. An eight-story structure with a three-level underground parking facility, the plaza sits at 5301 Wisconsin Ave. NW in Friendship Heights.

Mike Riccio, Maury Zanoff and Joe Donato of CBRE Melody orchestrated the transaction on behalf of the borrower through Hartford Investment Management. Riccio tells GlobeSt.com that, Cornerstone sought the financing on the previously unleveraged class A asset in order to take advantage of currently low interest rates.

The property is 100% occupied and is home to Alex Cooper Auctioneers Inc., Boies, Schiller & Flexner LLP and the Washington Area New Automobile Dealers Association. The deal, Riccio adds, spurred a competitive bidding process. As per Washington, DC real estate records, the property has a current assessed value of $42 million.

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