Landesbank Baden-Wurttemberg (LBBW), the Stuttgart-based parent company of three commercial banks, has provided a $107.6 million loan against the Chase Tower in Chevy Chase, Maryland. The financing was arranged by Cushman & Wakefield to replace a $82.2 million loan provided by Metropolitan Life Insurance Co. in 2005. The collateral property consists of a 12-story office building with 230,000 sf at 4445 Willard Ave. and a two-story retail building with 15,835 sf at 4459 Willard Avenue, according to a Commercial RealEstate Direct article. It is owned by a venture of JBG Cos. and WealthCap Management Inc., a subsidiary of UniCredit Bank of Munich, Germany.
"We continue to see strong Lender demand for quality buildings with strong sponsorship," said John Campanella of Cushman & Wakefield. Chase Tower is a 245,835 square foot mixed-use project comprised of a Class A, 12-story office building, a two-story retail building and a community park located in Chevy Chase, MD. It is one block from the Friendship Heights Metro Station (Red Line), which provides direct access to downtown Washington, DC and other areas including Bethesda, Rockville and Gaithersburg. The property was originally developed by JBG and JPMorgan Asset Management, but JPMorgan sold its 90% stake in 2005 to WealthCap.
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