Trammell Crow and partners close on $181 million in financing for Sentinel Square
- February 21, 2012
Trammell Crow Co. and its joint venture partners, Crow Holdings Realty Partners IV L.P. and Cottonwood Partners, said Tuesday that they placed permanent financing on Sentinel Square I and secured a construction loan for Sentinel Square II, both in Washington, D.C.
As a result, the companies expect to break ground on Sentinel Square II later this month. Sentinel Square is a 1.3 million-square-foot, multiphase, Class A office development located in the popular NoMa (North of Massachusetts Avenue) submarket.
The project’s first phase, 90 K Street, is a 12-story, 412,661-square-foot building that was completed in June 2010 and is currently 85 percent leased to multiple U.S. government agencies, including the U.S .Department of Veterans Affairs.
“We have experienced tremendous success over the past two years with the delivery and near lease-up of Phase I at 90K Street and believe that the market dynamics are prime for the delivery of additional highly secure, environmentally sensitive and affordable office space … in 2013,” Thomas Finan, a managing director inTrammell Crow Co.’s mid-Atlantic office, said in a statement. “The financings, arranged by the CBRE Capital Markets … will allow the partnership to retire its original construction debt, monetize the value created through phase I’s success and start phase II immediately.”
Sentinel Square II, located at 1050 First Street, NE, will be a 278,817-square-foot, ClassA office building with level IV security protocols.
In both cases, financing was provided by Landesbank Hessen-Thüringen Girozentrale(“Helaba”) and Norddeutsche Landesbank Girozentrale (“Nord LB”).