BETHESDA, MD—Wells Fargo has provided a10-year, fixed-rate $20-million loan to refinance8120 Woodmont Ave., a 135,589-square foot officebuilding here. The nine-story property is 90% leased to a varietyof tenants, which added to its appeal to lenders, JLL'sMike Yavinsky tells GlobeSt.com.
Yavinsky, along with Wesley Boatwright andJon Goldstein, secured the financing for thebuilding ownership, Bethesda Associates L.C., agroup that includes majority stakeholder Triumph Partners. Triumphalso leases and manages the property.
"The lending community is very interested in seeking outfinancing of stabilized product in transit oriented locations,"Yavinsky says. "Properties with those characteristics will generateattractive debt terms." Woodmont Plaza offered all that along withthe diverse rent roll, which reduces the lenders' exposure to anyone tenant departing sooner than expected.
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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.
