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$72M Construction Loan Closes for 250,000-SF Office Project

WASHINGTON, DC-Penzance Cos. and ASB Capital Management land $71.9 million to ramp up work on a class A office building that is being touted as a gateway to the CBD on one end and Capitol Hill on the other. The development tab is pushing $112 million.

By Barbra Murray | Updated on March 28, 2006

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

WASHINGTON, DC-Construction of the 250,000-sf office structure being developed at 455 Massachusetts Ave. NW has gotten a helping hand with the closing of a financing package valued at $71.9 million.

Corus Bankshares Inc.’s banking subsidiary Corus Bank provided the loan to joint venture partners Penzance Cos. and ASB Capital Management. In line with figures released last year in a report by DC’s Downtown Business Improvement District, the entire class A office endeavor will cost $112 million to complete.

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