GFI Realty Services, LLC announced that it has secured approximately $21 million of long-term, fixed-rate financing for Robert Elliot on behalf of a retail and office complex located in the Georgetown neighborhood of Washington, D.C.
The financing was arranged in two separate transactions, the latter of which closed in late January. GFI Realty’s finance group, which is led by Daniel Lerer and Will Watkins, secured the loans from an Indianapolis-based life insurance company.
Located at 3251 Prospect Street NW and 3222 North Street NW, the properties comprise approximately 42,500 square feet of retail space and an additional 12,000 square feet of office space.
The properties, which have approximately full occupancy, are leased to a range of high-profile tenants, including Cafe Milano, the upscale Italian restaurant that has long been a choice dining option for Washington elite.
“Our execution of this deal exemplifies our ability to simplify complicated transactions and explain their value to capital providers,” said Lerer. “Because of the nature of some of the leases, projecting the asset’s cash flow was challenging, in terms of both expenses and retail income. To combat this, we created an extremely robust model that accounted for the range of variables and demonstrated the asset’s stability. Ultimately, even with the property’s low debt yield we were able to secure an excellent financing package with a life insurance company.”
Located in the western portion of Washington, D.C., Georgetown is a historic neighborhood noted for the vibrancy of its dining, retail and entertainment options.