Daily market intelligence on mortgages, equity raising, investment sales, and CMBS.

Monday, 24 November 2014

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

Written by 
Rate this item
(0 votes)

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.



weekly-call-to-action

“The Weekly”

“The Weekly” is Commercial Real Estate Direct’s PDF newsletter, sent to subscribers every Friday morning. With over 100 news stories published on Commercial Real Estate Direct each week, “The Weekly” features the top stories in commercial real estate that industry participants need to know first. “The Weekly” also contains:

  • Breaking mortgage, CMBS, and REIT news

  • Quarterly league tables with rankings of B-piece buyers, book runners, and lenders

  • Industry moves and changes in “The Insider“

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
Read 1387 times

Data Digest

 

CMBS DELINQUENCY VOLUME

dqdataFP1

 

CMBS SPECIAL SERVICING VOLUME

sschartfp

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

 

RCA CPPI

 

cppichart FP

 

 

CMBS 2.0 Spreads

AAAspreads

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

 

 

 

REITCafe

  • Challenging Retail Environment Weights on REITs
    Mixed economic news is weighing on retail markets, pushing REIT performance down in 2015. This week, the National Retail Federation announced that back-to-school spending is expected to be down 9.3% in 2015. This news came on the heels of a report from the Commerce Department stating that retail sales declined 0.3%...
     
  • US REITs Feeling Effects from Turmoil in Greece and China
    International economic forces have taken center stage this week, affecting both US stock markets and REITs. The crash in the Chinese stock market and ongoing concerns about the future of Greece in the eurozone drove markets down during the first half of the week. REITs fared better than the overall market...

  • What Does Increased Construction Mean for Apartment REITs?
    REITs so far this year have raised $17.1 billion of capital through the sale of unsecured notes, bringing the total raised over the past two and a half years to just more than $75 billion. That’s more than they raised during the previous five years. The massive volume shouldn’t be a surprise as it comes while the yield from 10-year Treasury bonds, the benchmark...
shouldn’t be a surprise as it comes while the yield from 10-year Treasury bonds, the benchmark against which most REIT’s price their bonds
warehouse-backstage