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TYSONS CORNER, VA-A partnership operating under the authority of McLean-headquartered West Group Properties has secured a $207-million financing deal for a 14-building office portfolio here. The borrower plans to use $51 million of the loan for capital upgrades to the properties, as well as for funding costs associated with leasing. The remainder will be used to pay off existing loans on the buildings. Additionally, the terms of the loan provide the partnership with the option to sell or refinance any of the office facilities as individual properties in the future.

Accounting for a total of nearly 1.7 million sf of space spread out among 14 low- and mid-rise structures, the Tysons Corner portfolio sits near the convergence of Route 123, Interstate 66 and the Capital Beltway. The office vacancy rate among class A properties in the Tysons Corner/McLean submarket, according to Cushman & Wakefield's Third Quarter 2005 MarketBeat Snapshot report, is 9.3% and the average rate for class A space is $31.10 per sf. New York City-based IXIS Real Estate Capital, the US commercial real estate financing arm of Paris, France's IXIS Corporate & Investment Bank, supplied the refinancing package. The borrower received the funds in the form of a floating-rate, five-year loan. Greenwich Group International orchestrated the transaction.