WealthCap has received $107.6 million in financing for Chase Tower, a 245,835-square-foot mixed-use project in Chevy Chase, Md.
The property is comprised of a Class A, 12-story office building, a two-story retail building and a community park. John Campanella, executive managing director of Cushman & Wakefield, arranged the financing through a commercial bank.
“We continue to see strong lender demand for quality buildings with strong sponsorship,” Campanella said in a prepared statement.
The buildings are connected by a 2–and-a-half level, 460-space parking garage and the office building features a multi-story lobby, state-of-the-art elevator system and upscale office space.
Located at 4445 Willard Ave., Chase Tower is situated one block from the Friendship Heights Metro Station, which provides direct access to downtown Washington, D.C., Bethesda, Rockville and Gaithersburg. The property is also conveniently located near I-495 and I-270.
According to Colliers International’s 2015 3Q Suburban Maryland Office Market Report, consistent negative absorption over the last several years has pushed the overall vacancy rate to the highest it’s been in four years. At 17.1 percent, the third-quarter vacancy rate is 40 basis points since the beginning of 2015 and 60 basis points higher than the same time last year.
Chase Tower is 94 percent leased to a mix of office and retail tenants, including The JBG Companies (headquarters location), The Ritz-Carlton Hotel Company (headquarters location) and Capital One. Retail tenants include Chipotle Mexican Grill, Meiwah, Panera Bread, Lia’s, and Sun Trust.
The building is Energy Star certified and is currently registered for LEED certification. Its green features include motion sensors in restrooms, energy efficient lighting, electric vehicle charging stations, highly reflective roof, efficient water fixtures and a green cleaning program.