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Monday, 24 November 2014

Union Station in Washington, D.C., Gets $275Mln Loan

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Commercial Real Estate Direct Staff Report

Banque J. Safra Sarasin has provided a $275 million loan against the 400,000-square-foot office and retail property at Union Station in downtown Washington, D.C.

The property, at 50 Massachusetts Ave. NE, sits on ground leased from the Union Station Development Corp. through 2091. It is owned by Ashkenazy Acquisition Corp., which had purchased it in 2007 for $160 million

The mortgage retires a $50 million loan that was securitized through GMAC Commercial Mortgage Securities Inc., 2004-C3.

The property last year was 87 percent occupied and generated $24.1 million of net cash flow, according to servicer data compiled by Trepp LLC. That compares with $9.3 million of expected cash flow in 2004.

The property was constructed in 1908 and renovated in 1986. It houses an office for Amtrak, which has 106,224 sf through October 2017. Its retail tenants include Thunder Grill, which has 12,284 sf through January 2019; Pizzeria Uno, which has 9,275 sf through March 2019, and Shake Shack Restaurant, which has 7,984 sf through February 2024.

Amtrak plans to spend roughly $7 billion to renovate and expand its facilities at the property.

Banque J. Safra Sarasin, of Luxembourg, is part of the J. Safra Sarasin Group, which has $200 billion of assets under management.

Comments? E-mail Josh Mrozinski or call him at (267) 247-0112, Ext. 213.


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Additional Info

  • Syndicate to Realpoint: No
  • Cities: Washington
  • States: District of Columbia
  • Sector: Mixed-Use
  • Subject: Mortgages/Financing (MOR)
  • Deal Name: GMAC Commercial Mortgage Securities Inc., 2004-C3
  • Valuation: More than $150 million
  • Private: No
  • bloombergDealName: GMACC 2004-C3
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Data Digest







Top Bookrunners Domestic, Private-Label CMBS - 2017
Investment Bank #Deals Vol$mln MktShr%
Goldman Sachs 17.59 11,819.34 13.68
JPMorgan Securities 14.52 10,968.11 12.70
Citigroup 12.04 10,012.71 11.59
Wells Fargo Securities 14.02 9,936.06 11.50
Deutsche Bank 12.55 9,879.74 11.44




cppichart FP



CMBS 2.0 Spreads


Top CMBS Loan Contributors - 2017
Lender #Loans Vol$mln MktShr%
Goldman Sachs 146.89 11,719.34 13.63
JPMorgan Chase Bank 117.68 10,114.14 11.76
Deutsche Bank 198.48 9,689.97 11.27
Morgan Stanley 166.18 8,539.78 9.93
Citigroup 199.05 8,088.24 9.41





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