Life Insurers Still Active in Local Deals

BETHESDA, MD-Life insurers have shown few signs of the panic that has overtaken the real estate debt markets. To be sure, though, they are becoming more cautious in their terms and in the markets into which they lend, with DC counted among the top destinations.

However, by and large, many of the life insurance-led transactions that were completed before the turmoil began could probably still get done today, says Ted Hermes, VP of the local office of Walker & Dunlop. The company recently closed a $32-million permanent loan for Ryan Park Center, a mixed-use project, that Hermes believes could have been negotiated in the current environment, with perhaps a few tweaks to the leasing commitment. Located in Ashburn, VA, Ryan Park Center consists of two class A buildings of 61,532 sf each, four pad sites, three restaurants, and one bank, for a total of 137,739 sf of retail and office space.