The company acquired the plot of land, located at 9711 Washingtonian Blvd., from ORIX Real Estate Capital Inc., for an undisclosed price, which is included in the estimated development costs. Walker & Dunlop negotiated the loan, which was structured with a three-year, IO term and two optional one-year extensions. The development was underwritten to 75% loan-to-cost.
In an earlier interview with GlobeSt.com about the project in June, Charles Nulsen, president of WPC said the site currently is approved for 350,000 sf of office space and that the company is hoping to get approval for an additional 50,000 sf of office space. Plans call for the development of two eight-story office buildings, the first of which will be approximately 200,000 sf with construction slated to begin this fall and delivery expected in Q1 2009. The second building is currently planned to be 150,000 sf, Nulsen said. If WPC gets approval for expansion, it will be 200,000 sf. According to Walker & Dunlop, phase II is expected to begin in Q4 2007.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
