Lakeside III Receives $15M Financing Package

STERLING, VA-A $15-million permanent financing deal has closed for Lakeside III, the last structure developed in the three-building Lakeside @ Loudoun Tech office compound off Route 7. Bank of America Securities provided the loan for Buchanan Partners, which began developing the Lakeside buildings in conjunction with Tishman Speyer Properties and Great Point Investors in 1998. “The favorable rate we obtained for permanent financing of Lakeside III indicates that the capital markets are once again bullish on first-class commercial product in Loudoun County, following a period of concern after the high-tech and telecom industry meltdown,” Buchanan principal Brian Benninghoff notes. The new loan replaces a previous construction loan from the same lender. Lakeside III has a current assessed value of $14.5 million. Construction of Lakeside III, which features the same four stories of class A office space as its two sister structures, reached completion in 2001. Today the building is leased to 76% capacity with tenants such as Natek Inc. and Recourse Technologies Inc.