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ARLINGTON, VA-A $34.5-million financing transaction has closed for the ownership of Plaza East, a property consisting of a 240,600-sf office building and a 96,000-sf parking facility. According to Arlington County records, Bristol Group Inc. owns Plaza East under the name Wilson Plaza East LLC.

Holliday Fenoglio Fowler LP orchestrated the loan on behalf of the borrower, a public pension fund that purchased the property 20 years ago and now owns it free and clear. With no existing debt on the property, the borrower's pursuit of the loan was motivated by low interest rates and good returns, HFF tells GlobeSt.com. Plans for the 10-year 5.05% fixed-rate loan, extended by Nationwide Real Estate Investments, have not been disclosed. The property has a current assessed value of about $45 million.

Plaza East sits at 1800 N. Kent St. just off Interstate 66 and within close proximity to Arlington National Cemetery. The 14-story office tower is nearly fully leased at an occupancy level of 95%; 66% of which is claimed by the US General Services Administration. "This well-margined loan in the most dynamic office market in the country generated tremendous interest from the lending community," says HFF's Mike Kavanau. Kavanau facilitated the loan along with colleagues Elliott Throne and Bob Donhauser who adds that, "Nationwide was able to structure a full interest-only term at very competitive pricing and locked rate within a day of the borrower's request."