$12M in Financing Found for Small Dupont Circle Property

WASHINGTON, DC-The office building at 1301 Connecticut Ave. in the Dupont Circle area will get a new owner now that Arbor Commercial Mortgage has arranged for $12.3 million in funding for the acquisition of the 65,000-sf structure. Speaking to GlobeSt.com, Arbor FHA loan officer Peter Blass reveals, “The borrower is CBC Connecticut Avenue Holdings LP whose managing member is Daniel Cohen, with offices in Philadelphia.”

The funding comes in the form of a 10-year loan at a 5.7% note rate. The loan amortizes on a 30-year schedule. “Arbor was able to finance this transaction at over 85% of cost because of our belief in the strength and increasing values in the DC office market,” adds Blass, who operates out of Arbor’s New York City lending office. The property also features ground-level retail space, and is home to such tenants as the National Congress of American Indians, law firm McManus, Schor, Asmar & Darden LLP and area favorite Luna Grill & Diner.