A Mack Real Estate Credit Strategies (MRECS) affiliate has provided a $165 million loan for the refinancing of the Greensboro Station office complex, 640,000 sq ft, three-building property in Tysons Corner, Virginia.
The financing has a three-year term with two one-year extension options, sources confirmed.
The borrower, an affiliate of The Meridian Group, is completing a comprehensive renovation of the asset in tandem with a leasing campaign that has so far increased occupancy from 28 percent to over 70 percent.
The renovation will include a new entrance and plaza connecting to the adjacent Tysons Central/Greensboro Metro Station, in addition to a new state-of-the-art conference center and on-site cafeteria.
The property is part of Solutions Plaza, an 18.3 acre site with 3.2 million sq ft of additional office, retail, residential and hospitality development planned for delivery over the next several years.
In July 2013, Meridian acquired the fee simple interest in the Greensboro office towers, later exercising a contract option to acquire the balance of the Solutions Plaza development.
MRECS is headed by Mack Real Estate Group’s Richard Mack and Peter Sotoloff, a former Blackstone lending executive who joined and helped launch the firm in 2014.
The platform has targeted transitional and distressed assets throughout North America and Europe, with average loan sizes in the $120 million range.