{"id":1004154002,"date":"2016-09-29T22:36:11","date_gmt":"2016-09-30T06:36:11","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004154002"},"modified":"2020-05-12T22:19:12","modified_gmt":"2020-05-13T06:19:12","slug":"hff-secures-refi-for-two-nova-office-assets","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/hff-secures-refi-for-two-nova-office-assets\/","title":{"rendered":"HFF Secures Refi for 2 NoVa Office Assets"},"content":{"rendered":"<p>By Keith Loria, Contributing Editor<\/p>\n<div id=\"attachment_1004154003\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/09\/1400-Crystal-Drive.jpg\" target=\"_blank\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004154003\" data-attachment-id=\"1004154003\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/hff-secures-refi-for-two-nova-office-assets\/1400-crystal-drive\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/09\/1400-Crystal-Drive.jpg\" data-orig-size=\"640,512\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"1400 Crystal Drive\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/09\/1400-Crystal-Drive.jpg?w=640\" class=\"wp-image-1004154003 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/09\/1400-Crystal-Drive.jpg\" alt=\"1400 Crystal Drive, Arlington, Va.\" width=\"300\" height=\"240\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/09\/1400-Crystal-Drive.jpg 640w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/09\/1400-Crystal-Drive.jpg?resize=300,240 300w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004154003\" class=\"wp-caption-text\">1400 Crystal Drive, Arlington, Va.<\/p><\/div>\n<p><strong>Washington<\/strong>\u2014<a href=\"https:\/\/www.hfflp.com\/\" rel=\"nofollow\" target=\"_blank\">HFF<\/a> has arranged refinancing for 1400 Crystal Drive, a newly renovated, 308,898-square-foot trophy office building, and Jefferson Plaza, a 270,286-square-foot office building, both in the Crystal City submarket of Arlington, Va.<\/p>\n<p>For the Crystal Drive property, HFF worked on behalf of an affiliate of <a href=\"https:\/\/www.loweenterprises.com\/\" rel=\"nofollow\" target=\"_blank\">Lowe Enterprises Investors<\/a> to place the floating-rate loan with KKR Financial. Proceeds will be utilized to retire existing financing that HFF secured in 2013, and provide good news funding for lease-up.<\/p>\n<p>\u201cThe borrower has signed leases with 11 tenants since completing the renovation, including seven different association groups and a host of private-sector businesses,\u201d Cary Abod, HFF managing director, said in a prepared statement. \u201cTenants have elected to lease at 1400 Crystal for the features that make it the top building in Crystal City: best-in-class tenant build-outs, unrivaled views and the array of amenities.\u201d<\/p>\n<p>The 13-story <a href=\"https:\/\/www.commercialsearch.com\/news\/office\/\" target=\"_blank\">office building<\/a> was originally constructed in 1970 and renovated in 2013. The property offers 30-foot by 30-foot column spacing for open plan buildouts, and floor-to-ceiling glass providing expansive views of Washington, D.C., and the Potomac River. Amenities include a fitness center, rooftop terrace, conference center and a club room with flat screen TVs, a foosball table and numerous electronic games.<\/p>\n<div id=\"attachment_1004154004\" style=\"width: 310px\" class=\"wp-caption alignleft\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/09\/Jefferson-Plaza.jpg\" target=\"_blank\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004154004\" data-attachment-id=\"1004154004\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/hff-secures-refi-for-two-nova-office-assets\/jefferson-plaza\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/09\/Jefferson-Plaza.jpg\" data-orig-size=\"640,512\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Jefferson Plaza\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/09\/Jefferson-Plaza.jpg?w=640\" class=\"wp-image-1004154004 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/09\/Jefferson-Plaza.jpg\" alt=\"Jefferson Plaza, Arlington, Va.\" width=\"300\" height=\"240\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/09\/Jefferson-Plaza.jpg 640w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/09\/Jefferson-Plaza.jpg?resize=300,240 300w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004154004\" class=\"wp-caption-text\">Jefferson Plaza, Arlington, Va.<\/p><\/div>\n<p>For the Jefferson Plaza property, which is located at 1401 S. Clark St., HFF worked on behalf of an affiliate of Lowe Enterprises Investors to place the floating-rate loan with Square Mile Capital. Loan proceeds will be used to retire existing financing that HFF secured in 2013, and provide good news funding for lease-up.<\/p>\n<p>\u201cAs the Crystal City submarket continues to recover from BRAC and sequestration, Jefferson Plaza is positioned to benefit from increased leasing velocity,\u201d Abod said. \u201cJefferson Plaza offers tenants first-class build-outs and best-in-class amenities at competitive rates.\u201d<\/p>\n<p>The building\u2019s common areas were renovated in 2013 and 2016, and offer an amenity package including a fitness center, conference center and on-site caf\u00e9.<\/p>\n<p>Both buildings are located in the heart of Crystal City, with direct access to the D.C. Metrorail system and are less than a half-mile from Ronald Reagan National Airport, 2 miles from the Pentagon, and less than 3 miles from downtown Washington, D.C.<\/p>\n<p>According to <a href=\"https:\/\/www.colliers.com\/en-us\/us\" rel=\"nofollow\" target=\"_blank\">Colliers International<\/a>\u2019s latest Northern Virginia office market report, the office-using sectors of the economy have been generating a large number of jobs, which should be generating new demand for office space. So far in 2016, 3,355 seasonally adjusted jobs have been created in office-using sectors of the economy.<\/p>\n<p><em>Images courtesy of <a href=\"https:\/\/www.yardimatrix.com\/\" rel=\"nofollow\" target=\"_blank\">Yardi Matrix<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The firm worked on behalf of Lowe Enterprises Investors to refinance Jefferson Plaza and 1400 Crystal Drive in Arlington, Va.<\/p>\n","protected":false},"author":451,"featured_media":1004154003,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21825,11,21742,21747,1615],"tags":[],"class_list":["post-1004154002","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-finance","category-midatlantic","category-latest","category-office","category-washington-dc"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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