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WASHINGTON, DC-Perseus Realty Capital has secured $103.5 million in refinancing for 1110 Vermont Ave. The borrower, Perseus Realty LLC, has replaced an acquisition rehab loan with a three-year, fixed-rate loan. The 75% LTC loan will be in place until the building is stabilized.

Currently 1110 Vermont is 78% leased to 24 tenants, including advertising giant WPP, Streamsage, a regional cable company, and Tompkins Construction. Retail tenants include Starbucks and two restaurants: Il Mulino and Mio Restaurant.

1110 Vermont is one of a few buildings in the DC area that has been successfully used to secure refinancing in the last several months – at least in a loan of this size. Earlier this year, HFF secured $100.5 million for 1101 K St., NW, a 310,825-square-foot office building in the East End. Financing for the building, owned by a joint venture between JBG Cos. and Rockwood Capital, replaced a construction loan with Bank of America with a three-year adjustable rate loan with Helaba–Landesbank Hessen-Thuringen Girozentrale. That particular loan was 65% loan-to-cost.

1110 Vermont underwent renovation in 2006, which this refinancing is in part replacing. At the time, GlobeSt.com reported that the 300,000-square foot building was owned by a joint venture including GMAC Institutional Advisors, Perseus Realty and Stillman Group. In 2005, GMAC acquired a majority interest from Sillman and Perseus, already a minority interest holder, increased its stake in the property for $82 million. Property developer Stillman was left with a minority interest. VP F. Lindsay Stroud did not return a call to GlobeSt.com in time for publication.

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