Prudential writes $67m loan to refinance DC office building

Prudential Mortgage Capital Company a $66.5 million loan to refinance 900 G Street, a 112,635 sq ft, nine-story boutique office building in Washington, DC’s East End.

Prudential Mortgage Capital Company a $66.5 million loan to refinance 900 G Street, a 112,635 sq ft, nine-story boutique office building in Washington, DC’s East End.

HFF announced today that it arranged the loan on behalf of borrower ASB Real Estate Investments, which is a division of US real estate investment management firm ASB Capital Management, managing $6.8 billion in gross assets under management. The ownership group also includes MRP Realty. 

900_g_01-700x394Washington, DC-based ASB invests in major urban markets across the US with a focus on office, multifamily, retail and industrial properties, and manages the ASB Allegiance Real Estate Fund, its sole vehicle for core investing; the ASB Meridian Real Estate Funds, a series of low-leverage value creation vehicles; and a development separate account.

Prudential Mortgage Capital Company originated $14.6 billion in loans last year and earlier this year was anticipating another $15 billion for 2016. The terms of the loan were not disclosed.

Completed in 2015, 900 G Street is a LEED Gold office property with a three-level, below-grade parking garage, windows on three elevations with floor-to-ceiling glass and a rooftop conference center. Law firm Simpson Thacher & Bartlett anchors the office building, situated across the street from the Gallery Place/Chinatown Metro station, and additional tenants include BMW, Herman Miller, Roberti Global and the Truth Initiative.

HFF, a top commercial real estate and capital markets services brokerage, operates out of 23 offices nationwide and has a capital markets platforms for debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing.  

SHARE