Normandy Lands $46M Loan for DC Office Asset
- Feb 19, 2018
Normandy Real Estate Partners secured a $46.3 million loan to refinance 1015 18th St. NW in Washington, D.C. Natixis arranged the financing on behalf of Normandy, which acquired the building in 2015 through a joint venture with NTT Urban Development Corp.
According to Yardi Matrix, the partnership paid $39 million to purchase the asset from The Donohoe Cos. The property was subject to a $33.3 million loan held by KeyBank. Upon purchasing the building, the joint venture implemented an extensive capital improvements program to upgrade the asset from Class B to Class A.
The building offers 7,000 square feet of ground-floor retail, office space on levels two through 11, and a penthouse-level amenity space that includes a fitness center and outdoor space. There is also access to a three-level below-grade parking garage that offers 118 spaces. Comprising a total of 101,103 square feet, the 1970-built property is LEED Silver-certified. 1015 18th St. NW is located within close proximity to Farragut Square, the White House and the Red, Orange, Blue and Silver metro lines.
Earlier in February, Normandy secured $81 million for its acquisition and repositioning of 25-11 49th Ave., a two-story office building in Long Island City, Queens, N.Y.
Image courtesy of Yardi Matrix