WASHINGTON PROPERTY COMPANY CLOSES $35 MILLION REFINANCING FOR MD OFFICE BUILDING
Washington Property Company (WPC) has closed a $35 million loan with Wells Fargo to refinance its 242,000 SF office building at 8757 Georgia Avenue in Silver Spring, MD. Tyler Blue and Paul Wallace of Berkadia represented WPC in the transaction.
“8757 Georgia Avenue has been a long-term portfolio asset for WPC, and this refinance allows us to take advantage of the current interest rate environment while providing flexibility to continue to execute our business plan,” said Charles K. Nulsen, III, President of WPC. “Berkadia did a great job of getting ahead of the curve and producing a number of good options.”
Originally built in the 1970s, 8757 Georgia Avenue was acquired by WPC in 2001 and subsequently underwent a $20 million renovation. Current tenants include Conflulytics, Social & Scientific Systems, and Synergy Enterprises.
Currently 87 percent leased, the building is located just a short walk from the Silver Spring Metro and transit center on Metro’s Red Line, the planned Purple Line light rail station, and all of downtown Silver Spring’s myriad shopping, dining, and cultural venues.
8757 Georgia Avenue has been awarded the LEED® for Existing Buildings certification for its incorporation of sustainable strategies, including the use of energy-efficient lighting, low-flow fixtures to reduce indoor potable water use, and green cleaning products and equipment.
Washington Property Company (www.washproperty.com) is a full-service commercial real estate company located in Bethesda, Maryland. Established by Charles K. Nulsen, III, WPC is involved in a full range of real estate investment services including acquisition, land use, development, property management, leasing, and construction management. WPC has developed more than eight million square feet of commercial space in the Washington, DC metropolitan area and currently has over 1.6 million residential square feet under development. WPC is actively pursuing office, multi-family, retail, and mixed-use development opportunities throughout the region. Through its management company, WPC Management, LLC, Washington Property Company manages over 1.8 million square feet of commercial space.
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