WASHINGTON, DC–ASB Real Estate Investments secured permanent financing for 900 G St., NW, a 113,000-square-foot office building it co-developed with MRP Realty that delivered at the beginning of last year.
Prudential Mortgage Capital Co. provided a $66.5-million, fixed-rate loan for the property, The loan's rate is 3.31% and it has an 11-year term.
It is ASB's Allegiance Fund, its $6.2-billion core investment vehicle, which owns 900 G St. At the moment, Allegiance Fund is levering up assets to take advantage of the current interest rate environment, according to a prepared statement by Larry Braithwaite, SVP and Portfolio Manager of ASB's Allegiance Fund. He added that 900 G St. has achieved among the highest rents in the market.
Certainly the building quickly leased up, especially considering the market environment into which it delivered. Last month, two new leases — Rio Tinto and Swiss Re — took the building to 91% occupancy. Today the Gold Leed property houses such as companies as Simpson Thacher, Truth Initiative, Herman Miller, BMW North America, Roberti Global and Bialek.
Also last month ASB, again on behalf of the ASB Allegiance Fund, closed on a ten-year, $105 million fixed-rate loan of 3.39% for the Sedona│Slate apartments, two apartment buildings in Rosslyn, Va. They are located at 1510 and 1530 Clarendon Blvd. and house 474 apartment units and about 10,000 square feet of retail space.
Again, it was Prudential Mortgage Capital Co. that provided the loan.
With the closing of the $66.5-million loan for 900 G St., NW, the Allegiance Fund has a debt balance of approximately $1.03 billion and a leverage ratio of 15.3%.
More than 300 of the industry's leading national investors, REITs, banks, private equity firms, asset management firms and other institutions will join us as we explore the market conditions behind the trends at this year's RealShare National Investment & Finance, scheduled for Oct. 5 and 6 at the Roosevelt Hotel in New York City. Learn more.
WASHINGTON, DC–ASB Real Estate Investments secured permanent financing for 900 G St., NW, a 113,000-square-foot office building it co-developed with MRP Realty that delivered at the beginning of last year.
Prudential Mortgage Capital Co. provided a $66.5-million, fixed-rate loan for the property, The loan's rate is 3.31% and it has an 11-year term.
It is ASB's Allegiance Fund, its $6.2-billion core investment vehicle, which owns 900 G St. At the moment, Allegiance Fund is levering up assets to take advantage of the current interest rate environment, according to a prepared statement by Larry Braithwaite, SVP and Portfolio Manager of ASB's Allegiance Fund. He added that 900 G St. has achieved among the highest rents in the market.
Certainly the building quickly leased up, especially considering the market environment into which it delivered. Last month, two new leases —
Also last month ASB, again on behalf of the ASB Allegiance Fund, closed on a ten-year, $105 million fixed-rate loan of 3.39% for the Sedona│Slate apartments, two apartment buildings in Rosslyn, Va. They are located at 1510 and 1530 Clarendon Blvd. and house 474 apartment units and about 10,000 square feet of retail space.
Again, it was Prudential Mortgage Capital Co. that provided the loan.
With the closing of the $66.5-million loan for 900 G St., NW, the Allegiance Fund has a debt balance of approximately $1.03 billion and a leverage ratio of 15.3%.
More than 300 of the industry's leading national investors, REITs, banks, private equity firms, asset management firms and other institutions will join us as we explore the market conditions behind the trends at this year's RealShare National Investment & Finance, scheduled for Oct. 5 and 6 at the Roosevelt Hotel in
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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.
