$12M in Refinancing Funds for Rockville Center

ROCKVILLE, MD-A $12 million loan has been put in place for the refinancing of Rockville Center, an approximately 150,000-sf office building on Rockville Pike. Borrower JohnC Funding LLC secured the first mortgage at a fixed interest rate from commercial real estate lender Suburban Capital Markets Inc. The loan, non-recourse to JohnC Funding, has a 10-year maturity with a 30-year amortization. Montgomery County records list the property’s current assessed value at $19.2 million.

Rockville Center sits in a well-located spot at 255 Rockville Pike in the Rockville Town Center community. The 2.5-acre property was originally developed as a retail center back in 1972, but was later redeveloped into an office property in 1986. Now the three-story structure with a three-story garage is home to a bevy of office tenants, including the Montgomery County Government, which accounts for 87% of the space, as well as the Rockville Chamber of Commerce. A small retail component remains at the former shopping center; a fitness facility and a deli also lease space in the building.