Cushman & Wakefield announced today that it served as the exclusive advisor to an affiliate of Parmenter Realty Partners, LLC in arranging a $25.4 million fixed-rate loan for 460 Herndon Parkway in Herndon, VA The ten-year financing was provided by Bank of America Merrill Lynch.
“We received significant interest in this opportunity from the lending community due to the strong sponsorship of Parmenter Realty Partners, attractive credit rating, and long-term tenancy of the property’s tenants. In addition, the property’s high-quality construction and desirable location were prime factors in our decision to serve as advisor,” said Gil, a Cushman & Wakefield Equity, Debt & Structured Finance Managing Director.
460 Herndon Parkway is a 205,074-square-foot, Class-A specialized facility strategically located in the Reston-Herndon corridor in Virginia, which was purchased by Parmenter Realty Partners in early January 2013.
Gideon Gil, Alexander Hernandez and Sridhar Vankayala of Cushman & Wakefield’s Equity, Debt & Structured Finance group represented an affiliate of Parmenter Realty Partners. The financing follows the successful sale of the property by Cushman & Wakefield’s Eric Berkman and Steve Gichner.
Parmenter Realty Partners is a real estate investment, management and development company headquartered in Miami, Florida, with regional offices in Dallas, Atlanta and Washington D.C. Parmenter Realty Partners operates a series of institutional investment funds focused on the southern regions of the United States. Parmenter Realty Partners is actively involved in the expansion of its portfolio in major markets, identifying and acquiring underperforming properties and utilizing its vertically-integrated platform to increase value on behalf of its investors.