Boutique real estate finance intermediary, The Singer & Bassuk Organization (SBO), arranged a $24 million loan for New York developer Rockrose Development Corporation
The 10-year, fixed-rate loan is for its 1140 19th Street property located in Washington D.C. PNC Bank provided the debt in the transaction.
Rockrose’s director of financing, Richard Brancato, said, “SBO has provided Rockrose with exceptional service consistently for decades. They are the most creative, nimble and effective financial intermediaries we have dealt with”.
“We have worked with Rockrose for more than 40 years and have repeatedly delivered market-leading financing for their renowned properties in Manhattan, Long Island City and Washington DC,” said Andrew J. Singer, chairman and CEO of SBO.
The 70,648 s/f Class A DC office building has been fully renovated and includes a glass façade, private terrace which overlooks the retail corridor, on-site parking and a contemporary, two-story marble lobby.
Major retail tenants include Noodles & Co. and GRK Greek Fresh, with some notable office tenants such as the Council for the Accreditation of Educator Preparation and Washington Occupational Health Associates.
1140 19th Street is located within the Central Business District (CBD) and has access to an abundance of dining, retail shopping and transportation such as the MetroRail.
As the CBD’s “Restaurant Row”, 19th Street features extra wide sidewalks with the largest concentration of outdoor eateries downtown.
The 19th Street corridor, with its premium location at the center of the Central Business District and in close proximity to the Golden Triangle and Dupont Circle, is one of the most sought after in Washington, D.C.