WASHINGTON, DC-A life insurance company hasprovided a 20-year, fixed-rate $181 millionpermanent loan for 1000 Connecticut Ave., N.W.,the 383,988-square foot trophy building that just delivered in theDistrict. Cassidy Turley's Philip Mudd, ChristianMiles and Bradley Geiger secured thefinancing on behalf of the owner, Connecticut & KAssociates, LLC. The loan was closed by Grossberg,Yochelson, Fox & Beyda, owner's counsel. The LEEDPlatinum-certificated building is currently 86% leased, anchored bythe law firm of Arent Fox LLP.
Under most circumstances the trophy property would garner thebest financing and terms but a 20-year term is eyebrow-raising foreven 1000 Connecticut. "Ten year deals are more typical in thismarket," Mudd tells GlobeSt.com. "We have done other 20-year and15-year deals but the bulk of what we're doing is still 10years."
Mudd adds that the loan took several years to secure, with theteam starting to talk to lenders as far back as 2008. "We wanted toget the best terms," he explains.
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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.
