MCLEAN, Va., Aug. 6 /PRNewswire/ -- JER Partners ("JER"), a private commercial real estate investment management company, announced today that the firm has sold a mezzanine loan secured by the equity interests in a 9-story, 390,000 square foot office building located at 25 Massachusetts Avenue in Washington, DC and an adjacent office development parcel located at 660 North Capitol Street. In March 2008, JER Partners originated the $18.0 million mezzanine loan to affiliates of Republic Properties Corporation at an interest rate of 16% per annum compounded annually. Twenty-eight months following the origination of the mezzanine loan, on July 28, 2010, JER Partners completed the sale of the mezzanine loan to an investment joint venture.
"Timing of the loan sale was just right," commented Frank Small, a Managing Director at JER Partners. "The sale enabled JER Partners to capitalize on investor appetite for investments in the highly desirable Washington, DC office market to create value for our investors."
JER Partners (JER) is a fully integrated private real estate investment management company with more than 29 years of experience in sourcing, underwriting and managing a broad spectrum of real estate equity investments and debt products in the U.S. and Europe. Together with its financial and operating partners, JER has purchased and managed approximately 15,000 assets totaling $28 billion. The firm also invests in CMBS, mezzanine financing and other structured debt products. For more information, visit www.jer.com.
Contact: |
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Clyde Robinson |
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Managing Director |
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703-714-8016 |
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SOURCE JER Partners
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