Monday Properties completes $250 million refinance of Rosslyn office tower
- July 16, 2017
Monday Properties, a Rosslyn-based real estate investment firm, has refinanced a trophy office tower at 1812 North Moore Street in the Arlington submarket of Rosslyn.
Monday Properties sid its $250 million refinancing for the building was finalized ahead of the scheduled maturity date in December. The company attributed the transaction to robust interest from the debt markets as well as an overall confidence in the Rosslyn submarket. The deal comes on the heels of Nestlé’s corporate relocation earlier this year to 1812 North Moore Street.
According to Monday Properties, the refinancing includes up to $70 million in the form of a future funding facility that Monday can leverage for leasing and capital investment activity at the building. The firm plans to expand an existing fitness center to include a new yoga and cycling studio and to begin construction on a 12,000- square-foot conference facility on the 24th floor of the tower for the exclusive use of tenants at 1812 North Moore Street.
“The refinancing of our office tower at 1812 North Moore Street is an important long-term development for Monday as it provides us with not only greater financial flexibility, but the opportunity to further implement our strategic business plan in this world-class property. In addition to Nestlé, we remain focused on attracting premier tenants with best-in-class services and experiences so they are able to continue performing at maximum efficiency levels,” Tim Helmig, managing partner of Monday Properties, said in a statement.