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WASHINGTON, DC-A Denver-based REIT, Dividend Capital Total Realty Trust, tapped life insurance company funds to help it finance its acquisition of 1300 Connecticut last month, for $63.6 million. The company secured a seven-year, fixed rate loan of $36.5 million with a life insurer, which the company did not name. The 117,594-square-foot office property is close to 98% leased by such tenants as IAM National Pension Fund, VISA USA and PFC Energy. Dividend did not return a call to GlobeSt.com in time for publication.

The REIT recently made another acquisition in the DC area: 270 Center, a 232,700-square-foot retail shopping center in Gaithersburg that is fully occupied. According to a statement by the company, 1300 Connecticut is Dividend’s first office acquisition in the city.

Besides a validation that investment sales can close even in this environment, the deal also provides another anecdotal data point that life insurance companies are continuing to support commercial real estate transactions–despite their clear scale back of funding this year. HFF, which helped arrange the financing, did not return a call to GlobeSt.com.

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