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$35M Construction Financing Closes 191,000-SF Office

HERNDON, VA-A construction financing deal closes for Monument Three at Worldgate, a 191,400-sf office building being developed on a nearly three-acre site in the mixed-use Worldgate Office Park. The project is scheduled for completion in the fourth quarter of 2006.

By Barbra Murray | Updated on October 09, 2005

HERNDON, VA-A nearly $35.4-million financing package has closed for Monument Three at Worldgate, a 191,400-sf office building currently under construction. With the completion of Monument III slated for fourth quarter 2006, Monument Realty will have finished its fourth and final office facility in the 100-acre park.

Corus Bank, the banking arm of Chicago’s Corus Bankshares Inc., facilitated the loan for the construction of the building, which will cost a rumored amount in the neighborhood of $50 million to complete. The borrower is Monument Three LLC, an affiliate of Washington, DC-based Monument Realty LLC.

Carrying the address of 12930 Worldgate Dr., Monument Three occupies a three-acre parcel in the mixed-use business park, which sits off the Dulles Access Road. The class A building will also feature a six-level, 204,300-sf parking facility, as well as conference and administrative facilities within the office portion of the property.

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