ARLINGTON, VA-Penzance has secured a $94-million non-recourse construction finance loan from SunTrust for its 280,000-square foot office project that it is building at 3001-3003 Washington Blvd., in the Clarendon submarket. Jones Lang LaSalle’s Wes Boatwright, Jon Goldstein and Mike Yavinsky helped secure the loan for the project.

The amount–$94 million–is eyebrow raising, especially in the current environment. Most construction finance lenders like to keep loans at $50 million, Boatwright tells “Needless to say, that limit makes it challenging for developers to do a deal of any size,” he notes, “especially in a market like DC. They wind up getting financing from more than one source.”

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