Potomac Refinances Two for $54M

WASHINGTON, DC-A$53.5 million refinancing deal has closed for the office facilities at 1600 K St. and 2115 Wisconsin St., which account for a total of about 260,000 sf. Northmarq orchestrated the financing on behalf of borrow Potomac Realty Holdings, which acquired the properties two years ago; while GE Capital provided funding that came in the form of a seven-year term loan with a three-year interest-only period in advance of a 30-year amortization. The refinancing deal allowed the borrower to take advantage of presently advantageous interest rates.

The 81,000-sf office structure at 1600 K St. was built in the city’s central business district in 1950, and carries a current assessed value of $9.2 million. A class B facility, the eight-story building is 86% occupied and home to the likes of the Radio Television News Directors Association and the AIDS Alliance for Children, Youth & Families.