WASHINGTON, DC-An affiliate of The Tower Cos.has secured a 10-year, fixed-rate refinance of $40.1million from Prudential Insurance Co. for1828 L St., NW. Cassidy Turley's PhilipMudd, Christian Miles and Bradley Geigerrepresented the building owner.
In many ways, the deal was a no-brainer for Prudential. Theasset is a CBD office building that is95% occupied. The 12-story, 309,000-square-footbuilding is LEED Gold and has had its lobby,common areas and several building systems recently renovated.Finally, the building is owned by the family that originallydeveloped it.
That, Mudd, tells GlobeSt.com, counts a lot with life companies."That was one of the reasons the loan had a strong reception in themarketplace," he says. "The Abramson family isclearly in it for the longer term."
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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.
