JLL Secures Tax-exempt Bond Financing for Association

WASHINGTON, DC-The American Urological Association has secured $12.6 million in refinancing for its 84,000-square foot build-to-suit headquarters located near the BWI airport. With the help of Jones Lang LaSalle, the association closed on $8.3 million in tax-exempt bonds and a $4.3-million taxable loan. The bonds and the loan were privately placed with SunTrust Bank. The Maryland Economic Development Corp. issued the bonds. JLL’s John Gibb and Patricia Restrepo represented the AUA in the transaction. Miles & Stockbridge served as the bond counsel and Arent Fox was the borrower’s counsel.

The association embarked on the construction project when it consolidated its Baltimore and Houston offices almost a decade ago. Staubach, now part of Jones Lang LaSalle, served as the financial advisor for the original financing and managed the construction. The refinancing attracted a great deal of lender interest and ultimately secured very strong terms, Restrepo says in a prepared statement. “The terms they achieved are not surprising considering the organization’s credit strength.”