Normandy Real Estate Partners announced this week that it had closed on a $140 million loan from Morgan Stanley. John Campanella, senior managing director, and Paul Spellman, associate vice president with Cassidy Turley, negotiated this transaction on behalf of Normandy. The 10-building portfolio totals 787,425 square feet and is based in Northern Virginia and suburban Maryland, with six properties concentrated in the Westfields International Corporate Center in Chantilly, VA.
"This successful transaction exhibits the strength of our vertically integrated platform as we have leased approximately 500,000 sf over the past three years, bringing occupancy to 93 percent," said Gavin Evans, Principal, Normandy Real Estate Partners. "This financing fully retires the original acquisition debt on the portfolio and allows us to further build on our vision and strategic plan for the Northern Virginia market."
"We continue to see strong lender interest in quality assets owned by well capitalized sponsors like Normandy", said John Campanella, Senior Managing Director, Cassidy Turley.
For more news and information visit Blumberg Capital Partners.
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