JV Secures $23M Loan for DC Office Condo

In December of last year, Monument Realty and Angelo, Gordon & Co. bought 2055 L Street NW in Washington, DC in an all-cash deal; this month, they've secured a 23.2 million senior loan commitment from PCCP LLC for the acquisition and re-development financing of the property. With this loan in place, the joint venture will now commence a six-month rehabilitation to the owned 102,000 square foot condominium office portion of the 237,000 square foot building.

"The owner plans to renovate the property to position it as a quality Class A asset," said John Randall, senior vice president at PCCP, LLC. "The overall competitive vacancy rate in the CBD is approximately 6.4 percent. Once the renovation is completed, its quality and key location will be desirable to high-profile law firms, lobbyists, and non-profit organizations and associations."

Verizon sold the property, represented by Cushman & Wakefield, to the JV for $12.75 million. The JV plans to move forward in the coming months with a full renovation of 2055 L that will improve the now Class B building’s common areas, facade and building systems and add ground-floor retail space.

For more news and information visit Blumberg Capital Partners.