WASHINGTON, DC - Cassidy Turley, a leading commercial real estate services provider in the U.S., announced today that it has arranged $36.5 million in financing for 8111 Gatehouse Road, a 274,812 square foot, Class A office building located in Merrifield, Virginia.
Cassidy Turley Executive Managing Director Phil Mudd and Vice President Brad Geiger arranged the interim financing on behalf of Equus Capital Partners, Ltd. The loan was provided by a commercial bank.
“The institutional sponsorship, credit-tenancy and asset quality all contributed to the considerable interest shown by the financial institutions,” said Mr. Mudd. “In the end, the lender was chosen due to their flexibility and ability to deliver on their quoted terms.”
Built in 1973 and renovated in 2010, the six-story office building is located at the intersection of the Capital Beltway (Interstate 495), Interstate 66 and Route 50, providing convenient access to Northern Virginia and Washington, DC and the Dunn Loring-Merrifield Metro Station. The building provides tenants with extensive glass line, 9-foot ceiling heights, virtually column-free floorplates, on-site fitness center, 128 surface parking spaces and 637 covered parking spaces, walkable amenities including 10 restaurants, Starbucks and CVS. 8111 Gatehouse Road is also proximate to the retail and entertainment amenities of the Mosaic District.
Over the last few years Equus completed $7 million of capital improvements at the property including extensive renovations to the lobby, common corridors, elevator lobbies, restrooms, and mechanical systems including new elevator systems and cabs.
About Equus Capital Partners, LTD
Equus Capital Partners is one of the nation’s leading private equity real estate fund managers. Equus’ portfolio consists of over 24 million square feet of office, retail, student housing, and industrial properties and more than 18,000 apartment units in over 70 communities located throughout the United States. The firm is headquartered in the Philadelphia area with regional offices in Los Angeles, Chicago, Washington, DC, Boston, Atlanta and Raleigh-Durham. For additional information, please visit the company’s website at www.equuspartners.com/.
About Cassidy Turley
Cassidy Turley is a leading commercial real estate services provider with more than 3,800 professionals in more than 60 offices nationwide. With headquarters in Washington, DC, the company represents a wide range of clients—from small businesses to Fortune 500 companies, from local non-profits to major institutions. The firm completed transactions valued at $22 billion in 2012, manages approximately 400 million square feet on behalf of institutional, corporate and private clients and supports more than 23,000 domestic corporate services locations. Cassidy Turley serves owners, investors and tenants with a full spectrum of integrated commercial real estate services—including capital markets, tenant representation, corporate services, project leasing, property management, project and development services, and research and consulting. Cassidy Turley enhances its global service delivery outside North America through a partnership with GVA, giving clients access to commercial real estate professionals in 65 international markets. Please visit www.cassidyturley.com for more information about Cassidy Turley.