Regions Midatlantic
May 15, 2008
Corus Bank closed a $72 million loan to MR BP Office #1 L.L.C. to finance the construction of a nine-story Class A office building located at 55 M Street SE in Washington, D.C. In addition to the senior Loan with Corus, the borrower closed simultaneously on a $12 million mezzanine loan with Lehman Brothers. At the time of closing, the project was approximately 60 percent complete.The project is being developed by a joint venture between Monument Realty and its investor partners, MacFarlane Partners and Lehman Brothers. The project will include 261,000 net rentable square feet of Class A office space, 13,000 net rentable square feet of retail space, and three levels of underground parking. The office building will be a part of Monument Realty’s “Half Street” project, which is planned to include additional retail, residential and hotel components.
Corus Bank closed a $72 million loan to MR BP Office #1 L.L.C. to finance the construction of a nine-story Class A office building located at 55 M Street SE in Washington, D.C. In addition to the senior Loan with Corus, the borrower closed simultaneously on a $12 million mezzanine loan with Lehman Brothers. At the time of closing, the project was approximately 60 percent complete.The project is being developed by a joint venture between Monument Realty and its investor partners, MacFarlane Partners and Lehman Brothers. The project will include 261,000 net rentable square feet of Class A office space, 13,000 net rentable square feet of retail space, and three levels of underground parking. The office building will be a part of Monument Realty’s “Half Street” project, which is planned to include additional retail, residential and hotel components.
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