Buyer Finds $23M in Financing for Madison Place

ALEXANDRIA, VA-Carr Capital Corp. has gotten a helping hand from the equity investments division of national mortgage banking concern NorthMarq Capital Inc. in obtaining nearly $23 million in financing for the acquisition of Madison Place, a 110,000-sf office property. The financing comes in the form of a $15.5 million first trust loan, courtesy of Nationwide Insurance, and $7.3 million in joint venture equity investment funds from Aetna Inc.

Located on a courtyard shared by a Marriott Suites Hotel in the well-traveled Old Town Alexandria neighborhood, Madison Place is a 14-year-old class A property of eight stories. Local tax records list the property’s 2003 assessed value at $19 million. At the time the building hit the market back in April, it was leased to about 60% capacity. “Carr Capital and its equity partner, Aetna, continue to follow a strategy to acquire solid office properties in the DC region, which ultimately can far exceed return expectations,” NorthMarq vice president John Coe notes. “I believe this acquisition fits into that category.”