WASHINGTON, DC — Holliday Fenoglio Fowler, LP (HFF) announced that it has arranged a $135 million refinancing for 700 11th St. NW, a 301,774 s/f, trophy office building in Washington, DC’s East End submarket.
HFF worked on behalf of the borrower, a partnership between an affiliate of Hines Interests Limited Partnership and a pension fund advised by Sarofim Realty Advisors, to secure the 10-year, fixed-rate loan provided by Allianz Real Estate of America, LLC. 700 11th St. NW is situated on a .86-acre site bounded by 11th, G and 12th Streets, directly above the Metro Center Metrorail station providing connectivity to the Red, Orange, Blue and Silver Metrorail lines. This East End location is one block from the CityCenterDC mixed-use development, two blocks from the Walter E. Washington Convention Center and the new Marriott Marquis Hotel and four blocks from the White House. The property is fully leased to law firm, Williams & Connolly, which operates its global headquarters from the building. Cosi occupies the retail space on the ground floor level. 700 11th St. NW features a two-story lobby with a central rotunda, Italian marble floors and mahogany walls as well as a five-level, 324-space underground parking garage.
HFF’s team was led by Susan Carras, Walter Coker and Brian Crivella.
WEST CALDWELL, NJ — HFF announced that it has arranged $7.2 million in construction bridge financing to reposition 670 Passaic Ave., a 112,413 s/f light industrial facility in the Newark suburb of West Caldwell.
HFF worked on behalf of the borrower, Tulfra Real Estate (Tulfra), to place the three-year, floating-rate bridge loan with Lakeland Bank. Proceeds will be used to make capital and tenant improvements to reposition 670 Passaic, which is currently vacant, into a class A light industrial and technical center building with new tenant entries and architectural glass. Exterior upgrades include a new roof, loading doors, signage and landscaping.
Situated on seven acres in West Caldwell, Essex County, 670 Passaic is located within the West Caldwell industrial market, which currently boasts an occupancy rate of 95%. The property is less than three miles from Routes 80 and 280, the region’s major east-west highways. Newark Liberty International Airport near New York City and the Port of Newark-Elizabeth are approximately 20 miles southeast of the property.
The HFF debt placement team representing the borrower was led by director Michael Klein and senior managing director Jon Mikula.
“Because Lakeland Bank quickly understood the market and the borrower’s plans, the bank was able to provide a very flexible loan structure that will enable Tulfra to execute its vision for the property,” Klein said. “We’re pleased that we were able to work with Tulfra and Lakeland Bank on this transaction, which went smoothly.”