Search
 

$14.5M Financing for Three Lexington Park Buildings

LEXINGTON PARK, MD-Three separate loans accounting for $14.5 million in mortgage financing are secured for three buildings in the St. Mary's County subdivision of Lexington Park. The buildings--Expedition I, Expedition II and Exploration VI--comprise 151,000 sf of office space. All three are new class A properties, built within the last two years.

By Barbra Murray | Updated on February 15, 2002

LEXINGTON PARK, MD-Three new buildings in St. Mary’s County’s Lexington Park subdivision now have a total of $14.5 million in mortgage financing, courtesy of lender UBS Warburg Real Estate Investments, Inc. The financing comes in the form of three separate loans, which are all cross-collateralized and cross-defaulted. Together, the structures–which were all built within the past two years–account for 151,000 sf of class A office space.

The borrower is an affiliate of the local Wildewood Team of Professionals. “It was a conduit, CMSB execution,” Cassidy & Pinkard/iCap’s Mark Remington tells GlobeSt.com. Remington’s firm negotiated the transaction.”[The borrower] is a top client of the firm.” The buildings are Expedition I and Expedition II, and Exploration VI, which is a four-story edifice located on 2.84 acres at Routes 4 and 235. All of the structures are fully occupied by defense contractors. ManTech Systems Engineering Corp. is the sole occupant of one of the buildings.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.