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Rossyln Portfolio C-Note Moves at Discount

ROSSYLN, VA-New York City-based Savanna is acquiring a $157.7 million C-note on a senior mortgage of Monday Properties portfolio.

By Erika Morphy | Updated on June 17, 2008

ROSSYLN, VA-A New York City-based real estate investment and development fund has acquired a $157.7 million C-Note on the senior mortgage of a 1.4-million-sf class A office portfolio here owned by Monday Properties. The firm, Savanna, purchased the note at a substantial discount to par value from a Wall Street investment bank that wanted to move the assets off of its balance sheet.

The note is secured by three buildings 1000 and 1100 Wilson Blvd., or the submarket’s Twin Towers, and 1101 Wilson Blvd. The properties are 98% leased by the federal government, Northrop Grumman, and Raytheon. “We have invested in fully-occupied, Class A trophy assets in one of the best locations in Rosslyn, which is one of the strongest markets in the DC area,” Nicholas Bienstock, managing partner with Savanna, says in a prepared statement. “We purchased a note representing 50 to 67% ‘post credit crunch’ loan-to-value backed by the terrific sponsorship of Monday Properties.”

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