The borrowers' main reason for refinancing, Walker & Dunlop's Paul Wallace tells GlobeSt.com, was to take advantage of low interest rates. Also, the end of the term on the property's existing loan was due to mature in January 2006.

Sandwiched between Rockville Pike and I-270 on a 52-acre parcel at 261 Congressional Lane, Congressional Towers loom eight stories high. The property was developed just over four decades ago, and is currently undergoing a $30 million renovation. According to Montgomery County records, it carries a current assessed value of about $41.3 million.

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Capital Markets
Multifamily
Washington, DC