WASHINGTON, DC-Brokers in Jones Lang LaSalle CapitalMarkets has been on a tear in recent weeks, securingnearly $141 million in bridge financing for various borrowers inthe Washington, DC and Baltimore markets. Leading the charge hasbeen Wes Boatwright, Jon Goldstein andMike Yavinsky.

The assets have been varied, ranging from industrial to office.Because these are bridge loans they do share some commoncharacteristics—namely, the buildings are partially leased andrequire additional tenants. They include:

  • A $31 million bridge/acquisition loan for One Ballston Plaza inArlington, VA;
  • A $44 million bridge/acquisition loan for Executive Plaza inBethesda, MD;
  • A $25 million bridge refinancing for High Ridge in Fairfax,VA;
  • A $23 million bridge/acquisition loan for Cameron Run inAlexandria, VA; and
  • An $18 million bridge refinancing for an office and industrialportfolio in Baltimore, MD.

The lenders have been as varied as the borrowers, ranging fromdebt funds, banks, and life companies—all of which are looking foryield—stepping up to provide viable loans. In general, the lendingenvironment has gotten more difficult for some borrowers in the DCarea, with the slowdown in the leasing activity over concerns ofthe upcoming election and possible sequestration.

That said, lenders tend to focus on a submarket rather than amarket, Yavinsky tells GlobeSt.com, which makes it difficult togeneralize. In many cases, he says, “we have been able to puttogether some very interesting structures.”

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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.