CBRE Capital Markets’ Debt & Structured Finance team has originated $63.6 million in financing for the acquisition of a 195,624 s/f office building located at 2025 M Street in Washington, D.C.
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.
RAIT Financial Trust of Philadelphia, Pennsylvania, provided the 10-year loan at an aggressive rate with three years interest only.
“Though a magnificent property, 2025 M Street was not without its challenges,” said 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.”
The Class B office building is at the core of Washington, D.C.’s Golden Triangle.
