Office Receives $17M Acquisition Loan

ALEXANDRIA, VA-The Washington Regional Office of NorthMarq Capital Inc. has facilitated a financing package valued at $16.6 million for the acquisition of the Atrium Building in the city’s popular Old Town Alexandria submarket. NorthMarq orchestrated the deal on behalf of a joint venture team involving Carr Capital and Aetna Insurance Co. The funds—based on an eight-year term with a 25-year amortization–come in the form of a $10.6 million joint venture equity investment from Aetna, and a $6 million B-note on the existing mortgage from Allstate Insurance.

Located at 277 S. Washington St., the Atrium Building is a five-story office structure that features nearly 140,000 sf of space. It was developed in 1978 and underwent a major renovation five years ago, NorthMarq vice president Christopher Feeley tells GlobeSt.com. The property is leased to maximum capacity with law firm Oliff & Berridge PLC as the lead tenant. “This is now the fourth acquisition by Carr Capital with Aetna as their joint venture equity partner,” Feeley notes in a prepared statement. “This team is very effective in identifying solid office acquisition opportunities within the Washington MSA.”