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WASHINGTON, DC-Two offices in the District’s CBD/East End have secured five-year financing from a regional bank. The buildings, 1627 K St. and 1413 K St., secured a total of $15 million in permanent financing. A regional bank provided the funds at Libor plus 2.5%, according to Cassidy & Pinkard Colliers, which arranged the transaction on behalf of the two LLCs that own the buildings. Cassidy & Pinkard Colliers did not return a call to GlobeSt.com in time for publication.

The 64,537-square-foot 1627 K is a fully leased office building, while 1413 K St. is 31,646 square foot and 81% occupied. Jon Goldstein, Christian Miles and Phil Mudd of Cassidy & Pinkard Colliers arranged the financing on behalf of 16 Cobalt, LLC and Silicon 13 LLC.

The deal is emblematic of the now huge role regional banks are playing in local refinancings and office trades. Banks such as Cardinal, Chevy Chase and others are stepping into–although hardly filling–the huge gap created by the credit market crunch.

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