Rockrose Lands Financing for Central DC Office Asset
- Oct 04, 2016
Washington—The Singer & Bassuk Organization announced it has arranged a $24 million loan on behalf of New York-based developer Rockrose Development Corp. for the company’s 1140 19th St., NW., office property in Washington, D.C. The 10-year, fixed-rate loan was provided through PNC Bank.
The 70,648-square-foot, Class A asset is situated in the heart of Washington’s Golden Triangle and has been fully renovated recently. Due to its location on 19th Street, the property offers quick access to a plethora of nearby dining and retail options. The CBD building also offers quick transit options due to its proximity to Dupont Circle and Farragut metro stations.
Within a 15-minute walk from the White House, Washington Circle and the George Washington University, 1140 19th St. has a tenant roster that includes the Council for the Accreditation of Educator Preparation and Washington Occupational Health Associates. The retail section of the property includes Noodles & Co. and GRK Greek Fresh.
According to the Washington Business Journal, Rockrose acquired the property in 2015 from an affiliate of American Real Estate Partners. The asset, which commanded $40.5 million, was 95 percent leased at the time of sale.
Rendering courtesy of Rockrose Development Corp.