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Deals & Dealmakers

$38.5M in acquisition financing for 240,000 SF Maryland office property

JLL Capital Markets announced today that is has arranged $38.5 million in acquisition financing for 805 King Farm Boulevard, a 240,000-square-foot office building known as District IV that is located within The District at King Farm in Rockville, MD.

JLL worked on behalf of the borrower, BLT Green Hollow, a partnership between Building and Land Technology and Green Hollow Capital Partners, along with Banyan Street Capital, a premier commercial real estate owner and operator. Led by Senior Managing Director Michael Gigliotti, and Directors Robert Tonnessen and Brian Buglione, the JLL team secured $38.5 million in financing through Ladder Capital.

District IV is part of the recently rebranded District at King Farm, which is comprised of four assets totaling over 750,000 square feet of office and retail space. Banyan Street Capital had previously acquired a stake in 700, 702 and 800 King Farm Boulevard (District I, II, and III) in the summer of 2020.

Banyan Street and BLT Green Hollow acquired 805 King Farm Boulevard. in October 2021 through a deed-in-lieu proceeding following a purchase of the then existing loan from BBVA Compass. This acquisition marks the first deal closed in the newly formed BLT Green Hollow Fund.

The partnership will invest to reposition the asset through comprehensive lobby improvements and upgrades to amenities and foodservice offerings. The partnership plans extensive renovation across the District at King Farm, which will include additional interior and exterior amenities, building and lobby upgrades and enhanced programming.

The District at King Farm is situated along King Farm Boulevard within the 430-acre, master-planned King Farm Park located near the Shady Grove Metro station, the ICC and the I-270 technology corridor. The project is surrounded by numerous shopping and dining destinations, such as Shady Grove Center, Rio at Washingtonian and Downtown Crown.

“This was an extraordinary opportunity in an ideal location with a best-in-class ownership,” said Tonnessen. “BLT Green Hollow & Banyan Street Capital are ideally positioned to reinvigorate the property to accommodate the shifting needs of tenants in today’s market.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources on JLL, please visit our newsroom.

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