WealthCap and JBG Secure $108M Chase Tower Loan

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.

For more news and information visit Blumberg Partners.

Forum Office Park Closes $78.7M in Financing

Cassidy Turley announced this week that it had arranged financing totaling $78.7 million for The Forum office park in Raleigh, North Carolina. Cassidy Turley executive managing director John Campanella and vice president Paul Spellman arranged the financing on behalf of Highwoods, a Raleigh-based REIT. An unnamed commercial bank provided the financing, according to a GlobeSt.com article.

"Due to the institutional sponsorship and outstanding tenancy, the transaction priced aggressively making it one of the premier finance transactions in the Southeast in 2013," said Mr. Campanella in a statement.

The Forum, situated on Six Forks Road just south of I-540, enjoys a location at the core of one of the area's most desirable office markets. This prime location offers customers the ability to quickly access Raleigh and the entire Triangle. Totaling 635,380 square feet, all five buildings feature structured parking with covered direct building access. The complex is currently 96% leased.

For more news and information visit Blumberg Capital Partners.

Normandy Closes $140M Loan Portfolio

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.