{"id":1004665197,"date":"2023-05-30T00:33:24","date_gmt":"2023-05-30T08:33:24","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004665197"},"modified":"2023-05-30T05:38:08","modified_gmt":"2023-05-30T13:38:08","slug":"office-properties-income-trust-secures-loan-for-dc-area-office-asset","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/office-properties-income-trust-secures-loan-for-dc-area-office-asset\/","title":{"rendered":"Office Properties Income Trust Secures Loan for DC-Area Asset"},"content":{"rendered":"
\"3300<\/a>

3300 75th Ave. Image courtesy of CommercialEdge<\/em><\/p><\/div>\n

Office Properties Income Trust <\/strong>has closed on a $30.7 million loan for a 266,000-square-foot office asset in Landover, Md. The financing marks the launch of the implementation of OPI\u2019s financing strategy for its merger with Diversified Healthcare Trust<\/strong>.<\/p>\n

With an all-in fixed interest rate of 7.21 percent, the non-recourse 10-year CMBS loan has five years of interest-only payments and then five years of amortization on a 30-year amortization period. Based upon the appraised value, the implied capitalization rate is 6.2 percent and the loan-to-value ratio is almost 50 percent.<\/p>\n

Located on 13.7 acres of land at 3300 75th Ave., the single-story building came online in 1985 and underwent cosmetic renovation in 2004, according to CommercialEdge data. The office property is fully leased by the Defense Intelligence Agency<\/strong> through 2039.<\/p>\n

Further merger details<\/h2>\n

OPI has secured a bridge loan commitment from JPMorgan Chase Bank<\/strong>, totaling $368 million, for the proposed merger with DHC<\/a>. The company aims to secure separate notes for specific properties serving as collateral for the bridge loan as part of its overall financing strategy.<\/p>\n

Upon merging, the combined company would own 539 properties across 40 states and Washington, D.C. Some $2 million to $3 million is expected annually in cost savings and synergies once the transaction completes in the third quarter of this year.<\/p>\n

The portfolio totals about 9 million square feet of life science and medical office properties<\/a>, as well as more than 27,000 senior living units. One of the assets, The Muse at Torrey Pines in San Diego, underwent a $100 million redevelopment<\/a> two years ago and now features 186,000 square feet of collaborative office and flexible laboratory space.<\/p>\n","protected":false},"excerpt":{"rendered":"

This deal starts the company\u2019s financing strategy for its merger with Diversified Healthcare Trust.<\/p>\n","protected":false},"author":3006,"featured_media":1004665198,"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":[35274,44801],"class_list":["post-1004665197","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","category-midatlantic","category-latest","category-office","category-washington-dc","tag-jpmorgan-chase","tag-office-properties-income-trust"],"acf":[],"yoast_head":"\nOffice Properties Income Trust Secures Loan for DC-Area Asset - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Office Properties Income Trust has closed on a $30.7 million loan for a 266,000-square-foot office asset in Landover, Md.\" \/>\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\/office-properties-income-trust-secures-loan-for-dc-area-office-asset\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Office Properties Income Trust Secures Loan for DC-Area Asset\" \/>\n<meta property=\"og:description\" content=\"Office Properties Income Trust has closed on a $30.7 million loan for a 266,000-square-foot office asset in Landover, Md.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/office-properties-income-trust-secures-loan-for-dc-area-office-asset\/\" \/>\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=\"2023-05-30T08:33:24+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-05-30T13:38:08+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/05\/3300-7th-ave.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Jordana Rothberg\" \/>\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\/office-properties-income-trust-secures-loan-for-dc-area-office-asset\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/office-properties-income-trust-secures-loan-for-dc-area-office-asset\/\",\"name\":\"Office Properties Income Trust Secures Loan for DC-Area Asset - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/office-properties-income-trust-secures-loan-for-dc-area-office-asset\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/office-properties-income-trust-secures-loan-for-dc-area-office-asset\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/05\/3300-7th-ave.jpg\",\"datePublished\":\"2023-05-30T08:33:24+00:00\",\"dateModified\":\"2023-05-30T13:38:08+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/366883c93fc1efde412301ab6a4570f9\"},\"description\":\"Office Properties Income Trust has closed on a $30.7 million loan for a 266,000-square-foot office asset in Landover, Md.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/office-properties-income-trust-secures-loan-for-dc-area-office-asset\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/office-properties-income-trust-secures-loan-for-dc-area-office-asset\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/office-properties-income-trust-secures-loan-for-dc-area-office-asset\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/05\/3300-7th-ave.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/05\/3300-7th-ave.jpg\",\"width\":800,\"height\":620,\"caption\":\"3300 7th Ave in Landover, Md. 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