CBRE Capital Markets arranges $212 million in financing for Metro Park in Alexandria
- December 10, 2012
CBRE Capital Markets said Monday that it has arranged $212 million in financing for Metro Park, a 37-acre office portfolio of 1.1 million square feet in seven office buildings in Alexandria.
CBRE worked exclusively on behalf of Clarion Partners to arrange the seven-year loan through SunTrust Bank and HSBC Credit Corp. (USA).
Metro Park is leased to the federal General Services Administration and some of the largest government contractors in the nation. Located within the Springfield submarket near Fort Belvoir and the National Geospatial Intelligence Agency (NGA) headquarters, the area has seen growth as a result of the Base Realignment and Closure (BRAC) initiative.
“Despite the headlines about the fiscal cliff and sequestration, we received interest from both banks and life companies. Clarion Partners has done a tremendous job creating the premier office park in Northern Virginia and the quality of this portfolio combined with a low leverage request from a top tier borrower resulted in favorable financing terms,” said Joe Donato, the executive vice president at CBRE who led the team in arranging the financing.