SAN DIEGO, CALIFORNIA (September 28, 2020) – Steve Hollister, of NorthMarq’s San Diego office and Steve Swanicke and Gary McGlynn of NorthMarq’s Washington, DC office, arranged acquisition financing of $19.5 million for 1199 North Fairfax Street. The 108,118 sq. ft. office property is located in Alexandria, Virginia. The property is 87 percent leased and consists of 10 stories over an underground parking garage. The loan was structured with a 10-year term and a 30-year amortization. NorthMarq arranged the fixed-rate loan through its correspondent relationship with a life insurance company.
The subject is located on the shores of the Potomac River in Old Town North Alexandria and possesses beautiful views up the river to the US Capital. It is part of a master-planned, mixed-use, development known as Transpotomac Plaza. The complex is ideally located three miles from Ronald Reagan National Airport, three miles from Amazon’s new HQ2, two miles from Virginia Tech’s $1 billion planned innovation campus and less than five miles to Washington, DC. The subject’s location places it within a short walk to Old Town Alexandria.
“The life insurance company won this business due to their existing relationship with the borrower and the certainty of execution that the lender could provide in these uncertain times, particularly for an office property. The lender was also able to provide a 30-year amortization and a two-tiered funding to accommodate a 1031 exchange,” said Hollister.