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7600 Leesburg Pike
Falls Church, VA | December 2018
Thorofare Capital has funded a $32,217,000 Institutional Loan for the refinance, capital improvements of 7600 Leesburg Pike, a class B office complex consisting of two buildings totaling 218,758 SF in the Tysons Corner sub-market of Washington D.C.
The proceeds from the five-year, floating rate first mortgage were utilized by the sponsor to repay existing bank debt, fund planned building improvements and cover lease-up costs.
Thorofare was attracted to this opportunity given the low basis relative to comparable sales and replacement cost, the institutional-like experienced sponsor and additional equity contribution at closing to fully capitalize a strategic leasing initiative.
The sponsor is a New York-based private real estate equity and distressed debt investment manager and fund operator, focused on institutional-quality commercial real estate investments throughout the U.S.