General Dynamics HQ Secures $74M Refi

FALLS CHURCH, VA-Valued at $74 million, a refinancing deal has closed for the class A office property at 2941 Fairview Park Dr. GMAC Commercial Mortgage Corp. orchestrated the transaction on behalf of property owner 2941 Fairview Park Drive LLC, which pursued the deal to take advantage of current market conditions, GMACCM tells GlobeSt.com.

Bear Stearns is providing the funds, which come in the form of a first-mortgage debt loan. According to Fairfax County records the 365,000-sf property has a current assessed value of nearly $57.2 million. The building is distinguished for being the headquarters of General Dynamics Corp., which keeps its offices on the top five floors of the 15-story building.

“It was a team effort to secure permanent financing for our client who had allowed us to be their exclusive representative,” says Richard Bopp, GMACCM Washington DC office senior vice president and branch manager. “Working closely with the borrower, we created an auction and selected Bear Stearns as the lender who best satisfied our client’s needs.”