ELV Associates owned Towngate III, a 49,900-sf office at locatedat 625 Slaters Lane in the Alexandria submarket. Towngate IV, whichconsists of 56,500 sf of class A office space, is located at 635Slaters Lane. Together, they are 95.4% leased.
Working on behalf of ELV Associates, Inc., Holliday FenoglioFowler LP senior managing directors Bob Herron and Bill Asbillstructured the financing as a permanent loan for Towngate III andan acquisition loan for Towngate IV, which was encumbered withexisting debt.
"Towngate IV had an AIG loan on it," Herron tells GlobeSt.com."We agreed to assume the existing loan with a forward commitmentand extension, and consolidate all of the debt into one financingin order to avoid a pre-payment penalty."
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
