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KeyBank Arranges $115M Loan for DC Office Building

KeyBank Arranges $115M Loan for DC Office Building

Japanese investor UNIZO has scored a $115 million loan for 1111 19th Street NW in Washington, D.C., Commercial Observer can first report.

Michael Keach and Hugh Hall of KeyBank Real Estate Capital’s commercial mortgage group  arranged the non-recourse, fixed-rate, 7-year mortgage through New York Life Real Estate Investors.

As first reported by the Bisnow, UNIZO reached a deal to acquire the 12-story, 270,434-square-foot office building from Clarion Partners for $203 million, or $750 per square foot, last August.

The property’s recent renovations include a new lobby with 20 foot ceilings, an extended building entrance, expanded retail store fronts and a renovated façade.

It’s not the first time that the deal parties have transacted together in the nation’s capital. As previously reported by Commercial Observer, KeyBank also arranged $165 million in financing to UNIZO through New York Life Real Estate Investors in August—that time secured by two Class A Washington, D.C. office buildings.   

By April, UNIZO had made a staggering  $1.2 billion in investment in D.C. office properties—accounting for 27 percent of the market’s total volume from the start of 2016 to March 31, 2017, according to Bisnow.

October is off to a busy start for KeyBank, only last week it closed a $40.8 million Freddie Mac first mortgage loan to refinance Lawrence House Apartments, a 344-unit multifamily property in Chicago, on behalf of developer Cedar Street.

Officials at UNIZO could not immediately be reached for comment. A spokeswoman for New York Life declined to comment at this time. 

Source: commercial


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