M id A tlantic F inancial D igest F eaturing C reative F inancing Three buildings totaling 480,324 s/f are 96% leased $83 million in financing arranged by DTZ for Woodland Park office portfolio
Real Estate Journal — June 12 - 25, 2015 — 11A
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Reston Town Center, one of the country’s most successful master-planned communi- ties. Located on Corporate Park Dr., the Woodland Park Of- fice Portfolio is comprised of Plaza Ridge II, a 160,046 s/f, class A office building, and South Point I and II, twin, six story, class A office buildings totaling 320,278 s/f located ½ block to the south at the northwest corner of Sunrise Valley Dr. All three buildings provide parking via both surface lots and adjacent three-story parking struc- tures. Unique to South Point I is above standard “hi-tech” upgrades that are critical to the needs of today’s tenants including abundant electri- cal power, backup generation and a supplemental electrical system available to serve mis- sion critical voice and data systems. n
ERNDON, VA — DTZ , a global leader in commercial real
estate services, announced that it has secured $83 mil- lion in financing for Woodland Park, a three-building portfo- lio located in Herndon, VA. Executive managing di- rector John Campanella arranged the financing on behalf of a joint venture be- tween AEW Capital Man- agement , on behalf of one of its separate account clients, and American Real Estate Partners . A bank provided the borrower with a long-term fixed rate loan. “We had a number of lend- ing institutions quoting on Woodland Park,” said Cam- panella. “The borrower was able to secure a very competi- tive 10-year bank loan with great flexibility.” The three buildings, which total 480,324 s/f and are cur-
Woodland Park
rently 96% leased, are located inWoodland Park, a 175-acre live/work/play office, retail
and residential development along the Dulles Toll Rd. The property is within walking
distance of the future Hern- don-Monroe Street Metro Sta- tion and is easily-accessible to
Cronheim Hotel Capital secures $34.15 million for three-building suburban Richmond hotel portfolio
RICHMOND, VA — David Turley , Janet Proscia and Jeffrey Pacailler secured a
$34.15 mil- lion loan for the refinance of a Home- wood Suites and Court- yard in Ches- ter, VA and Holiday Inn Express in Midlothian, VA. The ho- t e l s w e r e financed si- multaneous- ly but were not cross-col- lateralized. The financ- ing was sized
David Turley
vated 2003-vintage, 96-key, 4-story limited-service hotel located in the upscale Rich- mond community of Midlo- thian. The Chester Homewood is a 2002-vintage, 118-suite extended stay hotel located adjacent to the Chester Court- yard, a 2002-vintage, 135-key, 5-story select service hotel. The Chester properties are located off I-95 south of Rich- mond near the growing 1,300- acre Meadowville Technology Park and Fort Lee, an Army
quartermaster base. “This transaction is a great example of what CHC does best,” noted David Turley. “Our client, a major owner/ operator, approached us with these attractive refinance op- portunities along with a list of priorities that required a cus- tomized financing structure. We made it happen by lever- aging a close lender relation- ship to secure a loan with an unusual number of flexibilities at a very low rate.” n
Janet Proscia
to a 72% LTV and allowed a significant cash out to the bor- rower. The rates were fixed at 4.05%. The borrower had the option, which he opted not to take, of lower proceeds - 65% LTV at a 3.69% rate. The Brandermill Holiday Inn Express is a newly reno-
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