$38.5M in acquisition financing arranged for 240,000 SF Maryland office property
JLL secures loan for BLT Green Hollow & Banyan Street Capital’s 805 King Farm Blvd. in Rockville’s ‘The District at King Farm’
NEW YORK, Mar. 10, 2022 – JLL Capital Markets announced today that is has arranged $38.5 million in acquisition financing for 805 King Farm Boulevard, a 240,000-square-foot office building known as District IV that is located within The District at King Farm in Rockville, MD.
JLL worked on behalf of the borrower, BLT Green Hollow, a partnership between Building and Land Technology and Green Hollow Capital Partners, along with Banyan Street Capital, a premier commercial real estate owner and operator, to secure the financing through Ladder Capital.
District IV is part of the recently rebranded District at King Farm, which is comprised of four assets totaling over 750,000 square feet of office and retail space. Banyan Street Capital had previously acquired a stake in 700, 702 and 800 King Farm Boulevard (District I, II, and III) in the summer of 2020.
Banyan Street and BLT Green Hollow acquired 805 King Farm Boulevard. in October 2021 through a deed-in-lieu proceeding following a purchase of the then existing loan from another lender. This acquisition marks the first deal closed in the newly formed BLT Green Hollow Fund.
The partnership will invest to reposition the asset through comprehensive lobby improvements and upgrades to amenities and food service offerings. The partnership plans extensive renovations across The District at King Farm, which will include additional interior and exterior amenities, building and lobby upgrades and enhanced programming.
The District at King Farm is situated along King Farm Blvd. within the 430-acre, master-planned King Farm Park located near the Shady Grove Metro station, the ICC and the I-270 Technology Corridor. The project is surrounded by numerous shopping and dining destinations, such as Shady Grove Center, Rio at Washingtonian and Downtown Crown.
The JLL Capital Markets team representing the borrower was led by Senior Managing Director Michael Gigliotti and Directors Robert Tonnessen and Brian Buglione.
“This was an extraordinary opportunity in an ideal location with a best-in-class ownership,” said Tonnessen. “BLT Green Hollow and Banyan Street Capital are ideally positioned to reinvigorate the property to accommodate the shifting needs of tenants in today’s market.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 98,000 as of December 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Banyan Street Capital
Banyan Street Capital is a premier owner and operator of office buildings in the eastern United States and Texas. As a full-service, vertically integrated real estate investment firm, Banyan Street Capital always seeks to add value and deliver high risk-adjusted returns to its investors. With its headquarters in Miami, Florida, and regional offices in New York, Atlanta and Jacksonville, Florida, as of December 31, 2021, Banyan Street Capital owned and managed a portfolio of approximately 14 million square feet, with an estimated value of over $4 billion. To learn more, visit banyanstreet.com.
About BLT Green Hollow LLC
BLT Green Hollow (BLTGH) is a special situations commercial real estate investment manager formed in 2021 through a partnership between Building and Land Technology (BLT) and Green Hollow Capital Partners (GHCP) to launch BLT Fund IX, the ninth in a series of funds invested and managed by BLT, with over $1.6 billion of equity capital invested to date. BLTGH has committed $102.5 million to anchor the Fund, targeting Special Situations debt and equity opportunities through market/capital dislocations, and asset/borrower distress across all CRE asset classes. BLTGH is led by Carl R. Kuehner, III of BLT and James G. Glasgow of GHCP, who have partnered together for nearly 15 years and have over six decades of combined experience in all aspects of CRE and through multiple cycles with a combined track record of over $6 billion in CRE transactions. To learn more, visit greenhollowcapital.com.
About Ladder Capital Corp
Ladder Capital Corp (NYSE: LADR) is an internally managed real estate investment trust that is a leader in commercial real estate finance. With over $5.9 billion of assets on its balance sheet, Ladder originates and invests in a diverse portfolio of commercial real estate and real estate-related assets, focusing on senior secured assets. Ladder’s investment activities include: (i) direct origination of commercial real estate first mortgage loans; (ii) investments in investment grade securities secured by first mortgage loans on commercial real estate; and (iii) investments in net leased and other commercial real estate equity. Founded in 2008, Ladder is run by a highly experienced management team with extensive expertise in all aspects of the commercial real estate industry, including origination, credit, underwriting, structuring, capital markets and asset management. Led by Brian Harris, the Company’s Chief Executive Officer, Ladder is headquartered in New York City.