{"id":1004207461,"date":"2018-02-19T08:47:19","date_gmt":"2018-02-19T16:47:19","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004207461"},"modified":"2022-12-08T17:41:29","modified_gmt":"2022-12-09T01:41:29","slug":"normandy-lands-46m-loan-for-dc-office-asset","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/normandy-lands-46m-loan-for-dc-office-asset\/","title":{"rendered":"Normandy Lands $46M Loan for DC Office Asset"},"content":{"rendered":"<p>By IvyLee Rosario<\/p>\n<div id=\"attachment_1004207467\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/1015-18th-St.-NW-Washington-D.C..jpg\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004207467\" data-attachment-id=\"1004207467\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/normandy-lands-46m-loan-for-dc-office-asset\/1015-18th-st-nw-washington-d-c\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/1015-18th-St.-NW-Washington-D.C..jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" 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;1&quot;}\" data-image-title=\"1015 18th St. NW, Washington, D.C.\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;1015 18th St. NW, Washington, D.C.&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/1015-18th-St.-NW-Washington-D.C..jpg?w=800\" class=\"wp-image-1004207467 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/1015-18th-St.-NW-Washington-D.C..jpg\" alt=\"1015 18th St. NW, Washington, D.C.\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/1015-18th-St.-NW-Washington-D.C..jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/1015-18th-St.-NW-Washington-D.C..jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/1015-18th-St.-NW-Washington-D.C..jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004207467\" class=\"wp-caption-text\">1015 18th St. NW, Washington, D.C.<\/p><\/div>\n<p>Normandy Real Estate Partners secured a $46.3 million loan to refinance 1015 18th St. NW in Washington, D.C. Natixis arranged the financing on behalf of Normandy, which acquired the building in 2015 through a joint venture with NTT Urban Development Corp.<\/p>\n<p>According to Yardi Matrix, the partnership paid $39 million to purchase the asset from The Donohoe Cos. The property was\u00a0subject to a $33.3 million loan held by KeyBank. Upon purchasing the building, the joint venture implemented an extensive capital improvements program to upgrade the asset from Class B to Class A.<\/p>\n<p>The\u00a0building offers 7,000 square feet of ground-floor retail, office space on levels two through 11, and a penthouse-level amenity space\u00a0that includes a fitness center and outdoor space. There is also access to a three-level below-grade parking garage that offers 118 spaces. Comprising a total of 101,103 square feet, the 1970-built property is LEED Silver-certified. 1015 18th St. NW is located within close proximity to Farragut Square, the White House and the Red, Orange, Blue and Silver metro lines.\u00a0<\/p>\n<p>Earlier in February, Normandy secured $81 million for its acquisition and repositioning of 25-11 49th Ave., a two-story <a href=\"https:\/\/www.commercialsearch.com\/news\/repositioning-of-queens-asset-lands-81m\/\">office building in Long Island City<\/a>, Queens, N.Y.<\/p>\n<p><em>Image courtesy of Yardi Matrix\u00a0<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Natixis arranged the financing on behalf of Normandy, which acquired the building in 2015 through a joint venture with NTT Urban Development Corp.<\/p>\n","protected":false},"author":746,"featured_media":1004207467,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21825,11,21742,21747,1615],"tags":[32937,34029,33267,34649],"class_list":["post-1004207461","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","category-midatlantic","category-latest","category-office","category-washington-dc","tag-keybank","tag-natixis","tag-normandy-real-estate-partners","tag-the-donohoe-companies"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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She has a background in Journalism and joined the team in 2016. She produces the MHN Daily newsletter, manages byline content, oversees the Research Center for both brands and hosts the Multifamily's Top Marketers podcast. 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