Cassidy Turley Sees Leap in D.C. Financing Activity to the Tune of $600M
- Sep 15, 2010
Financing is still a tough row to hoe, but Cassidy Turley is finding the Washington, D.C. field fairly fertile. The commercial real estate services provider said this week that its financing activity has increased by more than 124 percent from this time last year. That translates to $600 million in financing year-to-date.
The company first originated in the third quarter 2008, when four original partner firms – Colliers Turley Martin Tucker, Cassidy & Pinkard Colliers, Colliers Pinkard and Colliers ABR consolidated ownership structures into one company. The corporate brand was formally announced in January.
Cassidy Turley senior managing director Christian Miles noted that properties in Washington are attracting the best pricing and most lender interest, with many clients taking advantage of low interest rates by refinancing. Major deals included an $80 million refinance on ING Clarion’s The McPherson Building in Washington; a $169 million permanent debt loan on the Kay Portfolio, 5,007 apartment units in Maryland and Northern Virginia; and a $20 million permanent loan on a 120,778-square-foot office building in Washington.
Given the strong presence of government jobs, Washington is a more fortuitous real estate region than most at the moment. It would seem that Cassidy Turley has positioned itself to take advantage of this, as senior managing director David Webb observed. Webb said that over the past six months in the metropolitan Washington region, the company has seen an impressive return of equity, senior debt and mezzanine debt for ground-up construction and repositioning projects.
So can capital-markets success be found by focusing on the nation’s capital? If Cassidy Turley’s experience is any indication, the answer may well be yes.