Miami, FL and Washington, D.C. – March 30, 2015 –- March 30, 2015 – (RealEstateRama) — CBRE Capital Markets’ Debt & Structured Finance team originated $63.56 million in financing for the acquisition of a 195,624-square-foot office building at 2025 M Street in the heart of Washington, D.C. RAIT Financial Trust of Philadelphia, Pennsylvania, provided the 10-year loan at an aggressive rate with three years interest only.
Charles Foschini, Christian Lee and Christopher Apone of CBRE’s Miami, Florida, office arranged the financing on behalf of a private family interest in Brazil.
“Though a magnificent property, 2025 M Street was not without its challenges,” explained Mr. Foschini. “It took a special lender to reconcile the land value, the future development rights above the existing improvements and the current income stream. Additionally, the tenant roster, while impressive, included many tenants dependent on ongoing government allocations. In a competitive process, RAIT provided surety of execution, highly competitive terms, and a trusting understanding of the nuances of the asset.”
2025 M Street is a Class B office building at the core of Washington, D.C.’s Golden Triangle, one of downtown Washington D.C.’s most vibrant and traditional office locations. In addition to features such as a rooftop deck and lobby attendant, the property resides in an amenity-rich subsection of the Central Business District that encompasses 43 blocks, housing 3,000 businesses, more than 500 retail shops and restaurants, and seven luxury hotels with over 2,000 rooms.
Situated close to Washington’s famed Dupont Circle and Foggy Bottom neighborhoods, the office community is also easily accessible to Maryland and Virginia commuters through proximity to Metro stations that include Farragut North (Red Line), Farragut West (Orange & Blue Lines), Dupont Circle (Red Line), and Foggy Bottom (Orange & Blue Lines).
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 52,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 370 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.