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Savills Arranges $31M Refinancing for Two D.C. Office Buildings
Savills has arranged a $31.2 million loan to refinance two office buildings in Washington D.C.
Built in 1958, the properties are located at 1612 K Street NW and 1319 F Street NW and total 148,000 square feet. Both properties are nearly fully occupied with a mix of association and nonprofit tenants.
Matt Brody and Lindsay Stroud of Savills represented the borrower, the Modell family, in securing the financing. Bank of America provided a 10-year, fully interest-only, nonrecourse CMBS financing package. The Modell family purchased the buildings in June 2019 for $48 million as a portfolio in an all-cash transaction. The seller in the deals, two entities owned by EDG Corporation, was represented by Ken Biberaj of Savills.
For comments, questions or concerns, please contact David Cohen
- ◦Financing
