Clarion Partners Secures $212M in Financing for Metro Park in Alexandria, VA
Clarion Partners has secured $212 million in financing for Metro Park, a 37-acre trophy class office portfolio comprising 1.15 million in rentable square feet within seven office buildings in Alexandria, Virginia.
CBRE Capital Markets arranged the seven-year loan through SunTrust Bank and HSBC Credit Corporation (USA) with a 50% LTV and a rate of approximately 3%.
Metro Park is a core asset leased to the General Services Administration and some of the largest government contractors in the nation. Located within the Springfield submarket in close proximity to Fort Belvoir and the National Geospatial Intelligence Agency (NGA) headquarters, this area has been a significant beneficiary of the Base Realignment and Closure (BRAC) initiative.
“Despite the headlines about the fiscal cliff and sequestration, we received interest from both banks and life companies," said, Joe Donato, Executive Vice president at CBRE who led the team in arranging the financing.