Washington, DC - Cassidy Turley, a leading commercial real estate services provider in the U.S., announced today that it arranged $13.5 million in debt financing for 1111 18th Street NW, a 74,234 square-foot class A office building located in Washington, DC’s Central Business District.
Cassidy Turley’s Phil Mudd and Christian Miles procured the loan from a life insurance company on behalf of the owner, Jack I. Bender & Sons, a partnership affiliated with principals of Blake Real Estate, a prominent downtown Washington, DC developer/owner. Steve Lustgarten, Executive Vice President of Blake Real Estate, negotiated the loan on behalf of the partnership.
Constructed in 2000, 1111 18th Street is conveniently situated near downtown Washington’s two primary thoroughfares, Connecticut Avenue and K Street and just one block from the Farragut West and Farragut North Metrorail stations. The immediate neighborhood offers access to a wide amenity base including hotels, restaurants, and retail. The property is currently 100 percent leased to the GSA.
“As one of Washington’s legacy developers and owners in the CBD, Blake Real Estate properties have always been attractive to lenders,” commented Phil Mudd, Senior Managing Director with Cassidy Turley.
Christian Miles, Senior Managing Director, Principal with Cassidy Turley added, “Blake has an excellent relationship with the GSA and the company makes a special effort to accommodate the unique needs of its tenants, both from the public and private sectors."
About Cassidy Turley
Cassidy Turley is a leading commercial real estate services provider with 3,000 professionals in 60 offices nationwide. 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 $17 billion in 2010, manages 430 million square feet on behalf of private, institutional and corporate clients and supports over 25,000 domestic corporate services locations. Cassidy Turley serves owners, investors and occupiers 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. In 2010, the firm enhanced its global service delivery outside of North America through its partnership with GVA. Please visit http://www.cassidyturley.com/ for more information about Cassidy Turley.