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WASHINGTON, DC-Anecdotal evidence that Washington, DC area developers and investors are seeking to lock in rates continues to pile up. Two projects that recently completed refinancing include the Crowne Plaza Hotel & Conference Center near Washington Dulles National Airport in Herndon, VA for $30 million. Also in Herndon, Kohl’s Department Store and a BB&T Bank secured $17.4 million in refinancing.

The Washington, DC office of Holliday Fenoglio Fowler, LP arranged both transactions, which closed in July and June, respectively, HFF managing director Mark Remington tells GlobeSt.com. “Washington, DC remains extremely competitive,” he says. “It is a market where a lot of capital wants to go.”

The Crowne Plaza property, located at 2200 Centreville Rd., originally was a Days Inn that was reflagged as a Crowne Plaza during the loan closing process. Working on behalf of Dulles Hotel Limited LC, Remington placed a 10-year, 6.13% fixed-rate securitized loan with JP Morgan Mortgage Capital. The loan, to be serviced by HFF, has a five-year interest-only period followed by a 30-year amortization schedule. Loan proceeds were used to refinance an existing loan plus costs of conversion to Crowne Plaza standards.

For the Kohl’s transaction, Remington worked on behalf of Rocks Dulles, LC to secure the 10-year, 6.18% fixed-rate securitized loan through UBS Investment Bank. The property, located at 2100 Centerville Rd., consists of a 108,650-sf department store and a 7,650-sf pad site that will be occupied by BB&T Bank, which is relocating there. Both Kohl’s and BB&T Bank are long-term tenants and have leases that run through 2020 and 2025, respectively.

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