Washington, DC – Cassidy Turley announced today that it secured long-term, fixed-rate financing for 1818 N Street, NW, located in Washington, DC. The financing was provided by a life insurance company. Philip Mudd and Christian Miles of Cassidy Turley arranged the financing on behalf of a Lenkin Company-sponsored partnership.
1818 N Street, NW is an 8-story, 103,284 square foot office building featuring a historic townhouse façade. The building is located in the Golden Triangle District between 19th Street and Connecticut Avenue, two main avenues known for offering a multitude of restaurant options and world-class shopping. The property is also just a couple blocks from the Dupont Circle area and the Dupont Circle Metrorail station (Red Line). 1818 N is currently more than 90 percent leased to a diverse tenant base.
“Life companies are attracted to borrowers who develop and invest for the long term,” commented Mr. Mudd, Senior Managing Director of Cassidy Turley. “The Lenkin Company developed this prime CBD location, and here they are, years later, continuing to re-invest in the property to ensure its attractiveness to high-quality tenants.”
“The combination of the historic facades with the systems and amenities of a modern Class A office building makes for a great story to tell to the lending community,” added Mr. Miles, Senior Managing Director of Cassidy Turley. “The Lenkin Company’s strong sponsorship and the modest leverage ensured that lenders would scramble to compete for this financing.”
About Cassidy Turley
Cassidy Turley is a leading commercial real estate services provider with over 2,800 professionals in 60 offices nationwide. The firm completed transactions valued over $13 billion in 2009, manages over 420 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, corporate services, project leasing, property management, project and development services, and tenant representation. Outside of North America, Cassidy Turley has served the international needs of its clients since 1985. In 2010, the firm enhanced its global service delivery through its partnership with GVA Grimley. The firm recently ranked in the Top 10 on the Lipsey Co.’s Commercial Real Estate Top Brands Survey, and was ranked #1 by Real Estate Alert for Office Sales in 3 of the Top 6 Markets. Please visit www.cassidyturley.com for more information about the company.