Monday Properties, a leading national real estate investment firm, today announced that it has successfully refinanced its trophy office tower at 1812 North Moore Street in the Arlington submarket of Rosslyn, Virginia.
Monday Properties’ $250 million refinancing for the building was finalized ahead of the scheduled maturity date in December 2017 as a result of the continued and robust interest from the debt markets, as well as an overall confidence level in the Rosslyn submarket. This transaction comes on the heels of Nestlé’s historic corporate relocation earlier this year to 1812 North Moore Street.
The refinancing includes up to $70 million in the form of a future funding facility that Monday can leverage for future leasing and capital investment activity at 1812 North Moore. In particular, the firm will shortly commence construction to expand the existing fitness center to include a new yoga and cycling studio, as well as a world-class 12,000 square foot conference facility on the 24th floor of the tower, both for the exclusive use of tenants at 1812 North Moore Street .
Tim Helmig, Managing Partner of Monday Properties, said “The refinancing of our office tower at 1812 North Moore Street is an important long-term development for Monday as it provides us with not only greater financial flexibility, but the opportunity to further implement our strategic business plan in this world-class property. In addition to Nestlé, we remain focused on attracting premier tenants with best-in-class services and experiences so they are able to continue performing at maximum efficiency levels.”
Austin Freeman, Senior Vice President of Asset Management at Monday Properties said, “The refinancing of both 1812 North Moore Street, as well as our recently completed transaction on nine additional premier assets in this submarket, is emblematic of how well the overall capital markets view today’s Rosslyn. We continue to see Rosslyn building momentum as a centralized location that attracts businesses and corporations of all sizes and industry types in the region. We are excited about what the future holds.”
Monday Properties has transacted on over 750,000 square feet of leasing activity over the past 18 months as corporations look to take advantage of Rosslyn’s proximity to major regional transportation hubs and lifestyle enhancements, as well as Washington, D.C.
About Monday Properties: Monday Properties is a dynamic real estate investment firm that operates each property within its portfolio. Founded in 1998, the company is an owner, operator and developer of real estate with a primary focus on supplied constrained markets and value add real estate opportunities in growth markets. Since 2002, Monday Properties has completed over $12 billion in over 50 separate transactions, representing 27 million square feet. Monday Properties co-invests its own capital alongside its partners and investors, creating a clear alignment of interest and an incentive to realize value.