Modell’s Sporting Goods has obtained a non-recourse, $31.2 million loan for two Class B office buildings in Washington, D.C. Bank of America provided the CMBS mortgage, which matures in 2030 and includes interest-only payments throughout the term. Savills secured the financing for the borrower.
The owner acquired the assets for $48 million from EDG Corp. in June in an all-cash transaction. Both properties were nearly fully leased at the time of sale.
The first property, located at 1319 F St., is a 65,000-square-foot structure dating back to 1912. EDG repositioned the building in 2014, according to Yardi Matrix. The second, the 83,000-square-foot 1612 K St., was built in 1958 and most recently renovated in 2012. Both assets are nearly fully occupied by non-profit and association tenants.
The buildings are within a mile of the White House and are situated in Washington’s central business district, home to a wide variety of shopping, dining and accommodation options. The properties are also less than 5 miles from JBG Smith’s National Landing, the site of Amazon’s upcoming HQ2.