WASHINGTON, DC-News of the $64-million refinancing of the LibertyBuilding, a deal that occurred earlier this year, has comeand gone except for one tidbit: who exactly provided the debt.Prudential Mortgage Capital Co. revealed this weekthat it did. The 12-year, fixed-rate loan, secured byCassidy Turley, was provided to an entitycontrolled by Liberty Washington, LP, a joint venture between aninstitutional investor and Philadelphia-based LibertyProperty Trust.
A 10-story building located at 1129 20th St., NW, the176,059-square-foot, LEED Gold-certified office is like catnip to alife company. It is core, 96% leased and recently renovated by itsowner.
It is also indicative of the appetite life companiestraditionally have had for the DC area, particularly the District.Even now, with leasing lackluster, life companies have not beendissuaded from lending, especially to core assets such as theLiberty Building.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
