John Hancock Financial is providing the refinancing funds, which come in the form of a 10-year fixed-rate loan. "HFF was able to arrange a forward commitment with interest-only for the entire term as the borrower requested," HFF senior managing director Bob Donhauser notes in a prepared statement on the deal.
Located in the midst of the Supreme Court, the US Capitol and the White House, the class A Potomac Center South currently boasts a full occupancy level. The brand new 11-story tower is home to the likes of such federal entities as the Department of Education and the Department of Housing and Urban Development.
"JBG and Prudential refinanced for two reasons," Donhauser tells GlobeSt.com, "one, to replace a construction loan that was on the property; and two, to take advantage of the attractive interest rate market."
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
