JV Lands $47M Loan for DC Office Portfolio
Coretrust Capital Partners and Normandy Real Estate Partners tapped HFF to secure financing for the 185,671-square-foot Reston Metro Center One & Two. The floating-rate loan was provided by AllianceBernstein.
By IvyLee Rosario
A partnership between Coretrust Capital Partners and Normandy Real Estate Partners secured $47 million in financing for Reston Metro Center One & Two, a 185,671-square-foot office portfolio in Reston, Va.
The HFF debt placement team of Managing Director Cary Abod and Director Robert Carey procured the floating-rate loan through AllianceBernstein. The loan proceeds will be utilized to replace existing financing and to fund future leasing costs at the properties.
The two buildings, located at 12120 and 12180 Sunrise Valley Drive, were built in 2000 and 2001. Reston Metro Center Two is currently fully leased. The properties are within walking distance of the future Reston Town Center Silver Line Metrorail Station. The assets offer convenient access to interstates 496, 66 and 95 and Fairfax County Parkway, and are only 6.5 miles from Washington Dulles International Airport.
Image courtesy of HFF