{"id":1004513683,"date":"2021-03-02T04:01:24","date_gmt":"2021-03-02T12:01:24","guid":{"rendered":"http:\/\/internal.cpexecutive.com\/?p=1004513683"},"modified":"2021-05-15T10:10:49","modified_gmt":"2021-05-15T18:10:49","slug":"rubenstein-mortgage-capital-closes-42m-recap-for-dc-property","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/rubenstein-mortgage-capital-closes-42m-recap-for-dc-property\/","title":{"rendered":"Rubenstein Mortgage Capital Closes $42M Recap for DC Property"},"content":{"rendered":"
\"\"<\/a>

1801 L St. NW. Image courtesy of Rubenstein Mortgage Capital<\/em><\/p><\/div>\n

Rubenstein Mortgage Capital, the debt investment platform of Rubenstein Partners LP, has provided a $42 million first mortgage loan to recapitalize 1801 L St. NW, a 200,000-square-foot office property in downtown Washington, D.C. A collection of several local real estate families is the long-term owner of the asset.<\/p>\n

The note, originated by Rubenstein\u2019s Ashesh Parikh, serves the borrower in retiring existing debt, completing a ground-lease buyout, as well as funding future leasing costs. The 10-story building has been mostly occupied by government tenants.<\/p>\n

Delivered in 1988, the property includes 5,000 square feet of ground-floor retail space and five elevators, according to CommercialEdge data. The 0.6-acre corner site is situated within walking distance of the Farragut North subway station and several bus stops, while its central location offers access to a wide range of retail and dining options.<\/p>\n

The global health crisis has put the office sector on shaky grounds, forcing a large portion of the workforce out of its purpose-built commercial space and into a domestic environment. Last December, Rubenstein Partners received a $114M refinancing loan<\/a> for its Pennant Park office development in Atlanta, after spending four years on remodeling the six-building asset. Additionally, the real estate investment advisory firm\u2014in a joint venture with Heritage Equity Partners\u2014is in the process of developing 25 Kent<\/a>, an eight-story office and manufacturing project in Brooklyn\u2019s Williamsburg neighborhood.<\/p>\n","protected":false},"excerpt":{"rendered":"

Proceeds will enable the borrower to complete a ground-lease buyout of the downtown office asset.<\/p>\n","protected":false},"author":739,"featured_media":1004529256,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21825,11,21742,21747,1615],"tags":[36039],"class_list":["post-1004513683","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-finance","category-midatlantic","category-latest","category-office","category-washington-dc","tag-rubenstein-partners-lp"],"acf":[],"yoast_head":"\nRubenstein Mortgage Capital Closes $42M Recap for DC Property - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/rubenstein-mortgage-capital-closes-42m-recap-for-dc-property\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Rubenstein Mortgage Capital Closes $42M Recap for DC Property\" \/>\n<meta property=\"og:description\" content=\"Proceeds will enable the borrower to complete a ground-lease buyout of the downtown office asset.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/rubenstein-mortgage-capital-closes-42m-recap-for-dc-property\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2021-03-02T12:01:24+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-05-15T18:10:49+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/1801-L-St.-NW.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1587\" \/>\n\t<meta property=\"og:image:height\" content=\"1190\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Beata Lorincz\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/rubenstein-mortgage-capital-closes-42m-recap-for-dc-property\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/rubenstein-mortgage-capital-closes-42m-recap-for-dc-property\\\/\"},\"author\":{\"name\":\"Beata Lorincz\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/23f841021ddf3b38ebc56abefe1d6004\"},\"headline\":\"Rubenstein Mortgage Capital Closes $42M Recap for DC Property\",\"datePublished\":\"2021-03-02T12:01:24+00:00\",\"dateModified\":\"2021-05-15T18:10:49+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/rubenstein-mortgage-capital-closes-42m-recap-for-dc-property\\\/\"},\"wordCount\":252,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/rubenstein-mortgage-capital-closes-42m-recap-for-dc-property\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2021\\\/05\\\/1801-L-St.-NW.jpg\",\"keywords\":[\"Rubenstein Partners LP\"],\"articleSection\":[\"Deals\",\"Finance\",\"Mid-Atlantic\",\"News\",\"Office\",\"Washington D.C.\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/rubenstein-mortgage-capital-closes-42m-recap-for-dc-property\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/rubenstein-mortgage-capital-closes-42m-recap-for-dc-property\\\/\",\"name\":\"Rubenstein Mortgage Capital Closes $42M Recap for DC Property - 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