$29M Financing Deal Closes for Office Property

WASHINGTON, DC-A $29-million financing deal has closed for 1100 17th St. NW, a 142,000-sf high-rise office. A class A facility with a street-level retail element in the central business district, 1100 17th St. was developed in 1963 and carries and current assessed value of approximately $24.6 million. The purpose of the refinancing was to allow owner Glenborough Realty Trust to take advantage of low interest rates and to have access to cash.

LJ Melody & Co., the real estate investment banking arm of real estate services firm CB Richard Ellis, orchestrated the financing on behalf of borrower and building owner, which acquired the property one year ago for $37.5 million. Craig Mueller, director of the financing firm’s Newport Beach office, looked to AIG/Sun America/American General to provide the fixed-rate, five-year loan for the borrower.