Search
 

$44M Construction Loan Closes for Mixed-Use Property

ALEXANDRIA, VA-A $44-million financing deal is put in place for the development of Carlyle Center, a 169,000-sf mixed-use property. The speculative project, located within the 80-acre Carlyle Development just outside of Old Town, is scheduled be completed next summer.

By Barbra Murray | Updated on December 03, 2005

(To read more on the debt and equity markets, click here.)

ALEXANDRIA, VA-Borrower CommonFund Realty Inc. picked up funding for the development of Carlyle Center with the recent closing of a $44-million financing deal to facilitate the 169,000-sf project. The center sits on a nearly 1.5-acre site–assessed at a value of $8 million–at 1900 Jamieson Ave. within the 80-acre Carlyle Development, just outside of Old Town.

CommonFund relied on the assistance of Holliday Fenoglio Fowler LP to secure the financing, which was structured as a $35-million construction loan and a $9-million earn out. “HFF helped the borrower structure the earn out based on leasing to ensure a successful close,” says HFF’s Bill Asbill who, along with colleagues Bob Donhauser and Cary Abod, orchestrated the transaction. Principal Global Investors provided the 5.55% fixed-rate non-recourse loan.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.