$63,500,000 loan for an iconic, 600,000+ square foot office property in Washington, D.C.
Winter & Company has arranged and closed a $63,500,000, interest-only leasehold mortgage for a unique, 600,000+ square foot asset, originally designed and built for a single, high-tech corporation, which is located on Connecticut Avenue in the Van Ness neighborhood of Washington, D.C. The new loan, which is subject to a long-term ground lease on the 7.8 acre park-like property, closed in August 2016, and includes a substantial interest and carry reserve as well as reserves to fund TI and LC.
The owner and developer is a pre-eminent U.S. firm specializing in re-imagining, re-developing and re-leasing very large office properties ranging from hundreds of thousands to millions of square feet across the country. Over the past 15 years they have become one of America’s leading private real estate acquisition, ownership, development and management firms.
The loan, which refinanced an existing acquisition loan, was structured with limited, top-loss recourse, which will sunset once the anticipated sale of a portion of the site closes.
Winter & Company is a Manhattan-based, commercial mortgage advisory firm that specializes in arranging development and construction financing as well as financing for multifamily, and mixed-use properties since 1989.
Its affiliate, W Financial Fund, LP is a direct private bridge lender providing short-term, special situation financing primarily for NYC multifamily and mixed-use properties since 2003.