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Press Release
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Contact: Nick Derasmo (212.841.7505) |
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Cushman & Wakefield Equity, Debt and Structured Finance Team Arranges $47 Million Financing for Atrium at Rock Spring Park in Bethesda, Maryland |
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Monday, October 08, 2012
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New York, NY
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Cushman & Wakefield Equity, Debt and Structured Finance, serving as the exclusive advisor to a joint venture comprising affiliates of Meritage Properties LLC and GTIS Partners LP, has arranged a $47 million non-recourse floating rate facility for Atrium at Rock Spring Park, located at 10401 Fernwood Road in Bethesda, Maryland. The facility was provided by a major domestic commercial bank.
Ownership acquired the Property in 2006 when it was approximately 66% leased. Since then, occupancy has increased to 100% with no near-term rollover and two-thirds of the tenancy secured by government credit. “The repositioning strategy at ‘The Atrium’ exceeded even our most optimistic expectations,” added Andrew Nathan, CEO of Meritage Properties. “The substantial improvements we made at the Property have paid outstanding dividends.” As part of its successful repositioning strategy, Meritage completed the renovation of 57,000 square feet of first floor vacancy with the modernization of the common corridor and installation of a new window line on the east side of the space.
Steven Kohn, president of Cushman & Wakefield Equity, Debt and Structured Finance said, “Lenders appreciated the substantial value added to the asset by ownership.” The Cushman & Wakefield Equity, Debt and Structured Finance team included Mr. Kohn and Alex Hernandez, who worked closely with Cushman & Wakefield’s Washington, D.C. Capital Markets team of Steve Gichner, Eric Berkman and recent Equity, Debt and Structured Finance addition, Gideon Gil.
In addition to the prior owner’s improvements to the Property, including passenger elevator upgrades, a new fire alarm system, and the installation of a new roof, ownership has invested in additional base building capital improvements since 2007, including renovations of the main and first floor lobbies, HVAC system upgrades and a new base building chiller.
“The Atrium” is situated in the heart of Rock Spring Park and at the intersection of Interstate 495, Interstate 270, and Democracy Boulevard, a compelling location for tenants seeking easy access to and from downtown Washington. Building amenities include a private courtyard, high ceilings, raised floors, covered parking, double-height atrium lobby, renovated common areas, and a high-quality food concession. 10401 Fernwood also benefits from the extensive amenities contained both within Rock Spring Park and in the surrounding neighborhood, including a newly landscaped park and water feature in the Property’s front yard.
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About Cushman & Wakefield Equity, Debt & Structured Finance
Cushman & Wakefield Equity, Debt & Structured Finance is part of the firm’s Global Capital Markets group that serves the financing needs of the real estate industry for over a century. Founded in 1893, and previously known as Sonnenblick Goldman Company, the firm provides a full range of real estate related financial services, including debt and equity placement and joint venture structuring for virtually all product types, investment sales for lodging properties and senior housing/skilled nursing, mortgage loan sales and advisory services on a global basis. Headquartered in New York City, Cushman & Wakefield Equity, Debt & Structured Finance has additional offices in Atlanta, Boston, Chicago, Los Angeles, Orlando, San Diego, San Francisco and Washington, DC.
About Meritage Properties
Founded in 2003, Meritage Properties is a value-oriented owner operator of office properties, primarily focused on the Boston to Washington, D.C. corridor. Since inception, Meritage has acquired a portfolio of approximately 3 million square feet of office space and 500 residential units. The company utilizes a combination of disciplined underwriting metrics, best in class operating principals, outstanding business reputation and ethics, and an unwavering commitment to excellence to create value by repositioning underperforming assets into market sector leaders.
About GTIS Partners
GTIS Partners is a global real estate investment firm headquartered in New York with an office in São Paulo. GTIS Partners has 55 employees and currently manages approximately $2 billion of committed equity. The firm pursues value-added real estate opportunities through direct equity investment and non-traditional lending activities. To date, the firm has committed capital to residential, retail, industrial, office, hotel, and mixed-use projects in the U.S. and Brazil, and is among the largest real estate private equity companies in Brazil. The firm’s principals have over 90 years of investment, management, and operations experience, which spans all major property types and geographies. By combining hands-on real estate expertise with a disciplined investment approach, GTIS Partners creates value for its investors and partners. For further information please visit www.gtispartners.com. |
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About Cushman & Wakefield Sonnenblick Goldman
Cushman & Wakefield Sonnenblick Goldman is the industry’s leading independent real estate investment banking firm. The firm was founded as Sonnenblick Goldman in 1893 and it merged with Cushman & Wakefield in 2007. Cushman & Wakefield Sonnenblick Goldman provides a full range of real estate financial services, including debt and equity placements, joint ventures, hospitality investment sales and workout advisory services, and it collaborates world-wide with other divisions of Cushman & Wakefield. Further information can be found at the firm’s website at www.cushwake.com/sonngold.
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