PNC backs DC office building with $24m loan

PNC Bank has provided a $24 million, 10-year, fixed-rate loan to Rockrose Development Corporation for the refinancing of 1140 19th Street in Washington, DC.

PNC Bank has provided a $24 million, 10-year, fixed-rate loan to Rockrose Development Corporation to refinance 1140 19th Street in Washington, DC.

The Singer & Bassuk Organization (SBO), a boutique real estate finance intermediary, arranged the deal, and in a statement noted that it has worked with Rockrose for more than four decades.

1140_19th_street-jpg-617x411_q85_autocrop_crop-smartNew York-based Rockrose fully renovated the 70,648 sq ft Class A office building. The developer, headed by Henry and Justin Elghanayan, was not immediately for comment, but according to the company website has spent about $1 billion to acquire and develop an office portfolio comprised of approximately 2.5 million sq ft across 11 buildings in New York City and Washington DC.

Rockrose’s director of financing, Richard Brancato, called SBO the “most creative, nimble and effective financial intermediaries we have dealt with.” PNC Bank was unable to comment in time for publication; it was not clear if the bank had provided the previous financing on 1140 19th Street.

Office tenants at the property include the Council for the Accreditation of Educator Preparation and Washington Occupational Health Associates, and retail tenants include Noodles & Co. and GRK Greek Fresh. The asset is in the 19th Street Marketplace in DC’s Central Business District, close to the Golden Triangle and Dupont Circle.

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