$115M Refinancing Deal Closes for Office Portfolio

HERNDON, VA-A refinancing package valued at $115 million has closed for a three-building office portfolio in Northern Virginia. The portfolio, which consists of Dulles Tower in Herndon and Greens II & III in Chantilly, consists of 638,000 sf of class A office space that is presently leased to maximum capacity. Holliday Fenoglio Fowler LP orchestrated the transaction on behalf of the property owners, Corporate Office Properties Trust’s COPT Waterview I LLC, COPT Greens II LLC and COPT Greens III LLC.

TIAA-CREF came through with the funds in the form of a seven-year fixed-rate loan with a loan-to-value rate of 75%. “HFF was able to work with the borrower and lender to close this deal quickly, just 38 days from the issuance of the commitment,” says COPT senior managing director Bob Donhauser, who worked on the deal along with colleague senior managing director Bill Asbill. With regard to the owners’ decision to refinance, GlobeSt.com is told that “it fits into their big plan to lock in a low interest rate.”