Normandy, Taconic Capital Secure MD Office Loan
- Sep 17, 2018
Citizens Bank has provided $35.6 million in financing for Gateway Tower, a nine-story, 262,000-square-foot office tower in Rockville, Md. Working on behalf of a joint venture between Normandy Real Estate Partners and Taconic Capital, HFF secured the five-year, floating-rate acquisition loan.
Gateway Tower, located at 401 N. Washington St., was completed in 1971 and most recently underwent an expansive renovation in 2002. The property offers 14,000 square feet of retail space and nearly 650 parking spaces. Its tenant roster is led by The Emmes Corp.
“The top-quality sponsor, the assets’ location next to Rockville Town Square and the Metro and planned improvements to the building all helped to generate strong interest from the lending community for this financing opportunity,” Daniel McIntyre, HFF’s senior director, told Commercial Property Executive. According to McIntyre, a part of the loan will go toward upgrading the building’s base, as well as build out some of the spec suites and adding new common-area amenities.
Joining McIntyre on the HFF debt placement team were Managing Director Cary Abod and Director Robert Carey.
Inside the DNA alley
Gateway Tower is situated north of Rockville Square, close by the Rockville Metro station and Interstate 270. The area is known as “DNA Alley,” as it’s surrounded by more than 200 private companies and 45,000 professional employees working in both the public and private sectors. The Rockville Economic Development department cites the city is in Montgomery County’s biotech cluster, with more than 170 of the county’s 350 life sciences companies possessing a Rockville address.
Normandy Real Estate Partners now manages nearly $1.5 billion of equity capital, representing $3.3 billion in assets.
In August, Taconic Capital sold 129 West Trade, a 153,500-square-foot office tower in downtown Charlotte, N.C., to Somerset Properties for $24 million.
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