Wells Fargo has reportedly provided a $243 million mortgage to refinance a 400,000 sq ft office property at 2000 L Street NW in Washington, DC.
The bank, the top commercial real estate loan originator in the US for seven years and counting, provided $143 million, while Bank of New York Mellon and City National Bank contributed $50 million each.
New York-based Rockrose Development paid $192 million for the property in September 2013 as it sought to increase its presence in the DC office market, at the time funding the purchase with a $143 million acquisition loan from Bank of America. The firm’s DC assets today include 555 11th Street NW, 1776 Eye Street NW, 1146 19th Street NW, 1900 M Street NW and 1150 18TH Street NW.
The Class B office building is located in DC’s Golden Triangle neighborhood, a Central Business District encompassing 43 blocks, some 3,000 businesses, over 350 retail shops and seven hotels. It is currently 96 percent leased to 31 tenants to tenants including Universal Service Administrative and Ketchum. The new financing was first reported in crenews.com.
Wells Fargo originated $50.3 billion in 2014, increasing volume by nearly one-third over the previous year to reach $66.7 billion, according to the Mortgage Bankers Association’s annual originations rankings. The bank has held the top spot since 2009 — after sharing the accolade in a draw with Bank of America in 2008.