WASHINGTON, Nov. 20, 2012 /PRNewswire/ -- Cassidy Turley, a leading commercial real estate services provider in the U.S., announced today that it secured a $27.8 million loan for 1666 K Street, a 12-story, 286,000 square foot office building located on Farragut Square in Washington, DC's Central Business District. The 15-year fixed-rate loan was provided by The Prudential Insurance Company of America. Christian Miles, Philip Mudd and Bradley Geiger secured the financing on behalf of 1620 K Street Associates L.P. The loan was closed by Grossberg, Yochelson, Fox and Beyda, owner's counsel.
1666 K Street is located at the southeast corner of the intersection of 17th and K Streets, overlooking Farragut Square. The property is surrounded by world-class shopping, restaurants and hotels, and is just one block from both the Farragut West and Farragut North Metro stations. 1666 K Street is currently 100 percent leased to law firms, financial institutions and personal services. Additionally, McCormick & Schmick's is located in the ground-level retail space.
"The key feature of this loan was finding attractive 15-year fixed-rate financing, which was important to the sponsorship," said Christian Miles. "Accordingly, Prudential offered the kind of flexibility and speed of execution that aligned with the owner's interest," he continued.
About Cassidy Turley
Cassidy Turley is a leading commercial real estate services provider with more than 3,700 professionals in more than 60 offices nationwide. The company represents a wide range of clients—from small businesses to Fortune 500 companies, from local non-profits to major institutions. The firm completed transactions valued at $22 billion in 2011, manages 455 million square feet on behalf of institutional, corporate and private clients and supports more than 28,000 domestic corporate services locations. Cassidy Turley serves owners, investors and tenants with a full spectrum of integrated commercial real estate services—including capital markets, tenant representation, corporate services, project leasing, property management, project and development services, and research and consulting. Cassidy Turley enhances its global service delivery outside of North America through a partnership with GVA, giving clients access to commercial real estate professionals in 65 international markets. Please visit www.cassidyturley.com for more information about Cassidy Turley.
SOURCE Cassidy Turley