{"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\":\"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 - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/rubenstein-mortgage-capital-closes-42m-recap-for-dc-property\/#primaryimage\"},\"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\",\"datePublished\":\"2021-03-02T12:01:24+00:00\",\"dateModified\":\"2021-05-15T18:10:49+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/23f841021ddf3b38ebc56abefe1d6004\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/rubenstein-mortgage-capital-closes-42m-recap-for-dc-property\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/rubenstein-mortgage-capital-closes-42m-recap-for-dc-property\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/rubenstein-mortgage-capital-closes-42m-recap-for-dc-property\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/1801-L-St.-NW.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/1801-L-St.-NW.jpg\",\"width\":1587,\"height\":1190},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/rubenstein-mortgage-capital-closes-42m-recap-for-dc-property\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.commercialsearch.com\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Rubenstein Mortgage Capital Closes $42M Recap for DC Property\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/23f841021ddf3b38ebc56abefe1d6004\",\"name\":\"Beata Lorincz\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/04\/Beata-Lorincz.jpg?w=96\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/04\/Beata-Lorincz.jpg?w=96\",\"caption\":\"Beata Lorincz\"},\"description\":\"With a background in architecture, Beata Lorincz has been an associate editor with Commercial Property Executive and Multi-Housing News since 2017. Her current work centers around architecture and design, the student housing sector and data-driven updates on the office market.\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/author\/beata-lorincz\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Rubenstein Mortgage Capital Closes $42M Recap for DC Property - Commercial Property Executive","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/news\/rubenstein-mortgage-capital-closes-42m-recap-for-dc-property\/","og_locale":"en_US","og_type":"article","og_title":"Rubenstein Mortgage Capital Closes $42M Recap for DC Property","og_description":"Proceeds will enable the borrower to complete a ground-lease buyout of the downtown office asset.","og_url":"https:\/\/www.commercialsearch.com\/news\/rubenstein-mortgage-capital-closes-42m-recap-for-dc-property\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2021-03-02T12:01:24+00:00","article_modified_time":"2021-05-15T18:10:49+00:00","og_image":[{"width":1587,"height":1190,"url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/1801-L-St.-NW.jpg","type":"image\/jpeg"}],"author":"Beata Lorincz","twitter_card":"summary_large_image","twitter_creator":"@cpexecutive","twitter_site":"@cpexecutive","schema":{"@context":"https:\/\/schema.org","@graph":[{"@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 - Commercial Property Executive","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/rubenstein-mortgage-capital-closes-42m-recap-for-dc-property\/#primaryimage"},"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","datePublished":"2021-03-02T12:01:24+00:00","dateModified":"2021-05-15T18:10:49+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/23f841021ddf3b38ebc56abefe1d6004"},"breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/rubenstein-mortgage-capital-closes-42m-recap-for-dc-property\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/rubenstein-mortgage-capital-closes-42m-recap-for-dc-property\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/rubenstein-mortgage-capital-closes-42m-recap-for-dc-property\/#primaryimage","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/1801-L-St.-NW.jpg","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/1801-L-St.-NW.jpg","width":1587,"height":1190},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/rubenstein-mortgage-capital-closes-42m-recap-for-dc-property\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"Rubenstein Mortgage Capital Closes $42M Recap for DC Property"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/news\/#website","url":"https:\/\/www.commercialsearch.com\/news\/","name":"Commercial Property Executive","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/23f841021ddf3b38ebc56abefe1d6004","name":"Beata Lorincz","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/04\/Beata-Lorincz.jpg?w=96","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/04\/Beata-Lorincz.jpg?w=96","caption":"Beata Lorincz"},"description":"With a background in architecture, Beata Lorincz has been an associate editor with Commercial Property Executive and Multi-Housing News since 2017. Her current work centers around architecture and design, the student housing sector and data-driven updates on the office market.","url":"https:\/\/www.commercialsearch.com\/news\/author\/beata-lorincz\/"}]}},"jetpack_featured_media_url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/1801-L-St.-NW.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004513683","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/users\/739"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/comments?post=1004513683"}],"version-history":[{"count":2,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004513683\/revisions"}],"predecessor-version":[{"id":1004534297,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004513683\/revisions\/1004534297"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media\/1004529256"}],"wp:attachment":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media?parent=1004513683"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/categories?post=1004513683"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/tags?post=1004513683"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}