SunTrust Lends $42Mln Against Washington, D.C., Office

Tuesday, 05 March 2013

SunTrust Lends $42Mln Against Washington, D.C., Office

Written by Dan Moynihan

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Commercial Real Estate Direct Staff Report

SunTrust Bank has provided $42 million of financing against the 187,879-square-foot office building at 1101 Connective Ave. NW, in downtown Washington, D.C.

The debt was used to retire a $35 million loan that was provided by MONY Life Insurance Co., a subsidiary of AXA Financial Inc., in 2010.

The retired loan was lined up when a fund sponsored by Federal Capital Partners purchased a 90 percent stake in the property from O'Connor Capital Partners.

Penzance Cos. owns the remaining 10 percent stake in the property and manages it.

The...

Additional Info

Syndicate to Realpoint: No
Cities: Washington
States: District of Columbia
Sector: Office
Subject: Mortgages/Financing (MOR)
Valuation: Between $25 million and $50 million
Private: Yes

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