Cushman & Wakefield announced today that it served as the exclusive advisor to JOSS Realty Partners in arranging a $24.5 million senior mortgage loan for Georgetown Plaza in Washington, DC. The three year financing, with two one-year extension options, was provided by Square Mile Capital Management LLC.
Located at 2233 Wisconsin Avenue NW in Washington, DC, the property is a 79% occupied, five-story, 150,097 square foot boutique office building that was built in 1964 and renovated in 2007.
Ideally located in the Upper Georgetown submarket, the property provides easy access to the Georgetown, Suburban Maryland and Northern Virginia Central Business Districts. Additionally, 2233 Wisconsin Avenue is surrounded by a host of amenities including restaurants, bars and parks. The Upper Georgetown submarket is also characterized by high barriers to entry, historically low vacancy rates, and a vibrant, affluent, amenity-rich community.
A Cushman & Wakefield Equity, Debt & Structured Finance team of Gideon Gil, Alexander Hernandez, Sridhar Vankayala and Alex Lapidus, served as exclusive advisor to JOSS Realty Partners. A C&W team of Eric Berkman and Steven Gichner recently represented the seller, Carr Properties, in the sale of the office building.
“Lenders were attracted to the property’s location in the Georgetown submarket and the diversity of tenants in place,” said Gideon Gil, Managing Director. “Additionally, the strong sponsorship and value-add business plan were also appealing to lenders.”