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Capital Business
Posted at 04:23 PM ET, 05/14/2012

Refinancing deal struck for Rosslyn office buildings

Monday Properties has landed a $238 million financing package for six Rosslyn office buildings from Starwood Property Trust, a real estate investment trust.

The buildings are part of a 3 million-square-foot commercial portfolio that Monday Properties owns with Goldman Sachs, after Goldman acquired a 78.5 percent stake in the portfolio last November.

Four of the buildings are on Wilson Boulevard, at 1200, 1401, 1501 and 1515. The others are 1200 Key Blvd. and 1701 N. Fort Myer Dr.

Boyd Fellows, director and president of Starwood, based in Greenwich, Conn., called the transaction a “fairly complex deal” even for a firm whose focus is commercial mortgage loans. The $238 million package includes a $125 million first mortgage loan from Bank of America and two mezzanine loans, part of which won’t be issued until later.

Fellows said the deal was the first of three the company plans to close in the Washington area in the next few months. “There’s several more in the pipeline,” he said.

Tenants at the buildings include the Defense Department, the State Department and Boeing. Fellows and Chris Tokarski, Starwood managing director, both acknowledged that the leasing market in Washington had softened, but Tokarski said the combination of “good real estate, good market, good sponsors, good equity partners” made it attractive.

Follow Jonathan O’Connell on Twitter: @oconnellpostbiz.

By  |  04:23 PM ET, 05/14/2012

 
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