NEW YORK, March 16, 2021 /PRNewswire/ -- JLJ Capital, a leading provider of creative alternative financing solutions for major real estate projects, has completed a transaction providing $12.75 million in Bridge financing for the 315,280 sq ft, 9-story, 40% occupied Falls Church, VA suburban office building as part of an all-cash portfolio acquisition out of a CMBS distress sale to fund accretive CapEx and leasing costs and adjust equity basis.
"JLJ Capital is excited to enter the Greater Washington D.C. office market and continue to expand our lending landscape," said Jonathan Lewis, Founder and CEO of JLJ Capital. "Despite the challenges the office market is facing due to the pandemic, the Washington market presents a unique advantage due to the proximity to lawmakers, which plays a big role in office space demand for government contractors and GSA tenants." Jonathan Lewis also added "Additionally, JLJ expects to see the arrival of Amazon HQ2 in the National Landing to have a ripple effect on Washington's metro area, fueling unprecedented office demand, sustainable rent growth, and considerable development in all sectors."
JLJ Capital is allocating part of the $12.75M to refinish the property's portion of the underground parking garage, modernize mechanical systems, and upgrade the lobby and common areas. The Property, situated within 15 minutes of downtown Washington D.C. and Amazon's HQ2 at National Landing, is exceptionally positioned to capture a significant share of spillover demand and competitive to attract and win larger long-term tenants due to its low basis. "JLJ is committed to adding value and creating opportunity with every acquisition and transaction."
Since the firm's launch in 2017 JLJ Capital has been a disruptive force in the commercial real estate space by providing creative financing and partnering with real estate developers and operators in a timely and efficient manner. In addition to the investment in Falls Church, JLJ Capital is currently involved in financing a number of other projects in New York, New Jersey, Connecticut, Pennsylvania, Florida, and Texas.
About JLJ Capital JLJ Capital provides creative financing solutions for bridge-lending, acquisitions, ground-up construction, short-term refinancing, mezzanine, mortgage takeout, partner buyout, and other real estate projects. We are a middle-market private commercial real estate lender providing short-term financing for multi-family and mixed-use real estate project throughout the United States, with a primary focus on New York, New Jersey, Connecticut, Pennsylvania, Florida, and Texas.