HFF secures $22.5 million financing for class A suburban office buildings in VA
STERLING, VA — Holliday Fenoglio Fowler, LP (HFF) announced that it has secured $22.5 million in financing for Lakeside II and III, class A office buildings totaling 203,662 s/f in Sterling, Virginia. HFF worked on behalf of the borrower, a joint venture of The Pinkard Group, Buchanan Partners and AEW Capital Management, in arranging the four-year, floating-rate, non-recourse loan with NXT Capital. The bridge loan is being used to finance the acquisition and lease-up of the properties, and to help facilitate the borrower’s business plan to leverage their very low basis in the properties to offer attractive rental rates to win tenants and stabilize the property.
Lakeside II and III are located at 21345 and 21355 Ridgetop Circle visible from Route 7 in Sterling. The assets are situated within the Loudoun Tech Center, which is walking distance to two hotels and several restaurants and near Dulles Town Center and Washington Dulles International Airport. Completed between 1999 and 2001, the property is 24% leased.
The HFF debt placement team representing the borrower was led by Dan McIntyre.
“Lakeside II and III is truly best in class in the submarket, and offers tenants access to the surrounding amenity base and dramatic lake views from all floors,” said McIntyre.