WASHINGTON, DC - Cassidy Turley, a leading commercial real estate services provider in the U.S., announced today that it secured a $140 million loan from Morgan Stanley for Normandy Real Estate Partners’ 10-building portfolio in Northern Virginia and suburban Maryland. Cassidy Turley’s John Campanella, Senior Managing Director, and Paul Spellman, Associate Vice President, arranged the refinancing on behalf of Normandy.
“This successful transaction exhibits the strength of our vertically integrated platform as we have leased more than 500,000 sf over the past three years, bringing occupancy to 93 percent,” said Gavin Evans, Principal, Normandy Real Estate Partners. “This financing fully retires the original acquisition debt on the portfolio and allows us to further build on our vision and strategic plan for the Northern Virginia market.”
"We continue to see strong lender interest in quality assets owned by well capitalized sponsors like Normandy", said John Campanella, Senior Managing Director, Cassidy Turley.
With 787,425 total square feet, the 10-building portfolio is stabilized by long-term leases by an extensive and diverse tenant base. Nine of the buildings are located in Northern Virginia in the submarkets of Chantilly, Fairfax City, Reston and Alexandria, with six properties concentrated in the Westfields International Corporate Center in Chantilly, VA. One property is located in Columbia, Maryland.
About Normandy Real Estate Partners
Normandy Real Estate Partners is a vertically-integrated real estate private equity fund manager headquartered in Morristown, NJ with offices in Boston, New York City, Los Angeles and Washington DC. Normandy currently manages a series of discretionary real estate funds totaling approximately $1.5 billion of equity commitments. Normandy’s existing portfolio includes over 15 million square feet of commercial assets, four hotels and numerous land development sites. Normandy targets value added real estate investments in the gateway markets of Boston, Metro New York City, Los Angeles, San Francisco, and Washington, D.C. where opportunities exist to enhance value through creative repositioning, financial restructuring, intensive management, and capital improvements. For more information visit http://www.normandyrealty.com/.
About Cassidy Turley
Cassidy Turley is a leading commercial real estate services provider with more than 3,600 professionals in more than 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 $22 billion in 2011, manages 455 million square feet on behalf of institutional, corporate and private clients and supports more than 28,000 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 of 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.