Navy League Navigates $39M Loan

ARLINGTON, VA-The development of a new headquarters building for the Navy League of the United States has gotten an added boost with the recent negotiation of a $39-million construction financing deal orchestrated by Cushman & Wakefield. Lender Corus Bankshares, Inc. is supplying the funds. Upon completion of construction, the Navy League will be housed within a 214,000-sf, seven-story structure. The new offices will be complete in late 2004.

Efforts to make room for the new development, which will replace the league’s existing building at 2300 Wilson Blvd., are already underway. Navy League employees–a group of civilians working to support efforts of the US Navy, Marine Corps, Coast Guard and Merchant Marines–have relocated to an interim space for the short-term, allowing the demolition of the former 47-year-old headquarters, which has a 2003 appraisal value of $3.5 million.

“The Navy League has temporarily moved across the street into a building owned by Chares E. Smith Cos.,” Cushman & Wakefield senior director David Webb tells GlobeSt.com. Webb and fellow senior director Andrew McAllister facilitated the construction financing deal. “From their temporary location, they’ll be able to overlook development activity on the new building,” Webb adds.