ARLINGTON, VA-Penzance has secured a$94-million non-recourse construction finance loan from SunTrustfor its 280,000-square foot office project that it is building at3001-3003 Washington Blvd., in the Clarendon submarket.Jones Lang LaSalle’s Wes Boatwright, JonGoldstein and Mike Yavinsky helped securethe loan for the project.
The amount--$94 million--is eyebrow raising, especially in thecurrent environment. Most construction finance lenders like to keeploans at $50 million, Boatwright tells GlobeSt.com. “Needless tosay, that limit makes it challenging for developers to do a deal ofany size,” he notes, “especially in a market like DC. They wind upgetting financing from more than one source.”
This particular project, of course, is a strong one, with a58% prelease, this to CNA. Italso has a strong equity partner in Invesco.
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