HFF Nets Bridge Loan for Purchase of Greater Washington Office Buildings
- Sep 24, 2015
HFF represented the borrower and announced the deal on Aug. 26. It arranged the four-year, floating-rate, non-recourse loan with NXT Capital. HFF said the bridge loan will be used not only for the acquisition of the two buildings but also to help facilitate the borrowers’ business plan to leverage their very low basis in the properties to offer attractive rental rates and win tenants.
The two Class A office buildings are Lakeside II and III, located at 21345 and 21355 Ridgetop Circle, within Sterling’s Loudoun Tech Center. The joint venture announced the purchase of the first building in April, while the second was acquired in February 2014. Together, the properties offer a total of 203,662 square feet, and according to HFF, they are 24 percent occupied.
Dan McIntyre led the HFF debt placement team that represented the joint venture. “Lakeside II and III is truly best-in-class in the submarket, and offers tenants access to the surrounding amenity base and dramatic lake views from all floors,” he said in a statement.
Photo credit: Buchanan Partners