HFF Secures $130 Million Financing for Two Office Buildings in Arlington, Virginia
HFF announced that it has secured $130 million in financing for two office buildings, 1400 Crystal Drive and Jefferson Plaza, totaling 578,372 square feet in Arlington, Virginia.
HFF worked exclusively on behalf of an affiliate of Lowe Enterprises Investors to place the renovation and bridge loan with Wells Fargo and M&T Bank. Proceeds will be used to perform an extensive redevelopment of 1400 Crystal Drive into a state-of the-art, trophy quality office building, and to pay for renovation and leasing costs at Jefferson Plaza. Lowe Enterprises Investors acquired the properties on behalf of an investment client in early 2008. Affiliate Lowe Enterprises serves as property and development manager for the buildings.
The properties are located in the heart of Crystal City and feature expansive views of Washington, D.C. The redeveloped space at 1400 Crystal Drive and renovated Jefferson Plaza will offer the highest quality space available in the amenity-rich Crystal City submarket. 1400 Crystal Drive is undergoing an extensive slab-to-slab reconstruction designed to achieve LEED Gold certification, which is scheduled for completion in May 2013.
The HFF team was led by managing director Cary Abod and associate director Jordan Lex.
Los Angeles-based Lowe Enterprises is a leading national real estate investment, development and management firm. During the past 41 years, it has developed, acquired or managed more than $17.5 billion of real estate assets nationwide. Lowe established its Washington, D.C. office in 1980 and has been an active investor and developer of commercial real estate throughout the region. Lowe Enterprises Investors (“LEI”) directs the firm’s real estate investment management services on behalf of a select list of institutional and high-net-worth clients and partners through individually managed separate accounts, commingled fund relationships and targeted investment programs, acquiring more than $6 billion in real estate assets, including commercial, hospitality and debt investments. LEI has been a leading value-added investor through multiple cycles, employing equity and structured debt in its investment strategies.
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 21 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales, and commercial loan servicing. www.hfflp.com.