Cushman & Wakefield announced today that it served as the exclusive advisor to a Connecticut-based real estate fund manager in arranging a $19.8 million floating-rate loan for Maryland Executive Park in Towson, Md. The three-year financing, with two one-year extension options, was provided by EagleBank.
Maryland Executive Park is a 206,144-square-foot portfolio consisting of seven office buildings located at 8501 and 8600 LaSalle Road. The buildings host a wide variety of tenants from diverse industries including the medical, law, marketing and general services sector.
Gideon Gil, Alexander Hernandez, and Sridhar Vankayala of Cushman & Wakefield’s Equity, Debt and Structured Finance team represented the sponsor.
“The property has great value-add opportunity with strong in-place cash-flow, along with a first-tier sponsorship with deep operating expertise in the mid-Atlantic, which was very appealing to the lending community and attracted a substantial amount of interest,” said Gil, a Cushman & Wakefield Executive Director. “The secured flexible loan structure is accommodating to the sponsor’s business plan.”
The Shops at Maryland Executive Park, a portion of the park’s office space which was transformed in 2011 into a highly visible retail destination, provides invaluable, immediate amenities for the Park’s tenants. Retailers at Maryland Executive Park include notable names like Applebee’s, Potbelly’s and Gino’s Burger & Chicken.