$27.8 Million Financing Closes On Spring Valley Office Portfolio
28 Aug, 2007, Washington, DC
Cushman & Wakefield is pleased to announce the $27.8 million financing of a Spring Valley office portfolio. Situated in an upscale residential neighborhood just off Massachusetts Avenue in northwest Washington, D.C. the portfolio consists of four buildings totaling approximately 131,000 square feet plus a development site for an additional office building. The properties are over 90 percent leased to small businesses and medical professionals.
Cushman & Wakefield was able to arrange a full leverage senior loan with a 15-year term that included three years of interest only payments. Additionally, the borrower has the ability to draw down additional proceeds to fund construction of the last development parcel and roll the construction loan into the existing 15-year term loan.
Andrew McAllister, Michael Ryan, and Walter Coker of Cushman & Wakefield’s Capital Markets Group negotiated the transaction on behalf of the borrower.
For further information, contact Michael Ryan or Andrew McAllister of Cushman & Wakefield at 202-467-0700.
Cushman & Wakefield is the world’s largest privately held real estate services firm. Founded in 1917, the firm has 201 offices in 55 countries around the globe, and 12,000 talented professionals. Cushman & Wakefield delivers integrated solutions by actively advising, implementing and managing on behalf of landlords, tenants, and investors through every stage of the real estate process. These solutions include helping clients to buy, sell, finance, lease, and manage assets. C&W also provides valuation advice, strategic planning and research, portfolio analysis, and site selection and space location assistance, among many other advisory services. To find out more about Cushman & Wakefield, please call 1-800-376-3133, or visit the firm’s Web site at www.cushmanwakefield.com.
Contact: Louise Ferreras