JV Nabs Georgetown Mixed-Use for $84M

WASHINGTON, DC-The Shops at Georgetown Park, a four-story, 244,072-sf mall in the heart of Georgetown’s retail district, and the adjacent 34,415-sf office building, Canal House, have traded for $84 million. The buyers are a joint venture between Washington, DC-based Western Development Co. and Capmark Finance Inc., called Georgetown Park Partners LLC, explains Fabrice Vasques, vice president of the Capmark Finance Washington, DC office, who originated the transaction along with senior vice president Richard Bopp.

Capmark Finance provided $70.4 million in floating-rate mortgage financing for the acquisition, which was supplemented by an undisclosed amount of equity capital contributed by a client managed by Capmark Investments LP.

Vasques declined to discuss the terms of the financing other than to say that it was interest only and floating over Libor.