Holliday Fenoglio Fowler LP orchestrated the financing on behalf of the borrower, an unnamed local investor. And New York Life Investment Management provided the funds, which came in the form of a seven-year floating rate loan. "The aggressive terms achieved on this transaction is evidence of the strength of the asset, the market and the developer," says Holliday Fenoglio's Bob Donhauser, who worked with colleagues Bill Asbill and Cary Abod.

The borrower is actually buying the leased fee-interest in the property, which sits on land owned and leased out by the Washington Metropolitan Transit Authority under a long-term agreement. Ballston Metro Center was developed in 1989 and, today, boasts a tenant list that is filled to maximum capacity. Among the leading leaseholders is the US General Services Administration, having signed on for 109,000 sf of space in 1998. Inter-American Fund and the Potomac Institute for Policy Studies also make their home at the site.