Two-Building Office Complex Clears $96.5M Refinancing Loan

WOODLAWN, MD-Augusta, GA-based Security Land & Development Co. Ltd. Partnership has closed on the $98.5 million refinancing of its 717,000-sf office complex at 1500 Woodlawn Dr. Baltimore County records list the property’s current assessed value at about $63.4 million. The loan, attained via public debt issue from New York City-based CTL Capital LLC, is for a 15.3 year-term at an interest rate of 4.63%.

Developed about three decades ago on a 34-acre parcel, the refinanced property–also known as the Security West complex–is comprised of a two-story office structure that is linked to a six-story office tower. The General Services Administration has a long-term lease on the property, which has served as home to the Social Security Administration since the walls went up on the property in 1972. The lease was renewed in March of this year at a rate of $17.79 per-sf, or an annual $12.75 million, and is now due to expire November 1, 2018. Security Land’s general partner, Cafritz Interests Inc., negotiated the lease renewal deal for current SSA tenant, the Office of Disability and International Operations.