Projects in Northern Virginia get financing
- January 23, 2013
Jones Lang LaSalle’s (JLL) Capital Markets group announced that the firm has secured $72 million in bridge financing for two office buildings in Vienna. The assets are part of a portfolio managed by Lowe Enterprises Investors on behalf of a national commercial commingled investment fund.
A company sponsored by NorthStar Realty Finance Corp. provided the financing for the two buildings, located at 1951 Kidwell Drive and 1953 Gallows Road, which total 428,973 square feet. At the time of closing, JLL said the buildings were 72 percent leased.
“The office properties generated strong interest from the lending community,” JLL’s Managing Director Wesley Boatwright said in a statement. “The buildings are conveniently located close to the beltway and considered the best in their competitive set which positions them well to take advantage of the pent-up demand for space in Tysons, one of the region’s most desirable submarkets.”
Built in 1981, 1951 Kidwell Drive is a 176,914-square-foot, nine-story building with visibility from Route 7 and I-495. 1953 Gallows is an eight-story, 252,059-square-foot building that was built in 1983 and renovated in 2005.
In another deal, Spence Hill Associates in Falls Church said it arranged $2 million of permanent financing for Delaney Plaza, a 9,775-square-foot shopping center on Dale Boulevard in Woodbridge.
Michael H. Trauberman, the company’s managing director, arranged and negotiated the financing on behalf of Woodbridge Village LLC of Alexandria. The 10-year loan was placed with a Virginia-based bank, and features an initial five-year, fixed interest rate of 3.4 percent.
Delaney Plaza is a neighborhood convenience center located at the intersection of Dale Boulevard and Delaney Road. It features a mix of national, regional, and local tenants including Papa Johns and Tire Zone.