$50M financing secured for Class A office in Washington, D.C. metro area
JLL Capital Markets led financing efforts for the 222,989 SF Eastboro V in Tysons, Virginia
WASHINGTON, D.C. – Feb. 1, 2021 – JLL Capital Markets announced today that it has arranged $50 million in financing for Eastboro V, a 222,989-square-foot, Class A office building in Tysons, Virginia.
JLL worked on behalf of the borrower, The Meridian Group to secure the five-year, floating-rate loan through a national bank.
Eastboro V is located at 8251 Greensboro Dr. adjacent to the Greensboro Metrorail station in Northern Virginia and has direct vehicular connectivity to the entire Washington, D.C. region. Additionally, Eastboro V is positioned within walking distance of numerous amenities, including The Boro, a 4.25 million-square-foot mixed-use project developed by The Meridian Group featuring a 70,000-square-foot Whole Foods, numerous restaurants and bars, theatres, coffee shops as well as commercial space.
The nine-story property was completed in 1996 as a build-to-suit for Booz Allen Hamilton, who occupies the entire facility as its global headquarters.
The JLL Capital Markets team representing the borrower was led by Paul Spellman, Dan McIntyre, Rob Carey and Drake Greer.
“We continue to see attractive capital for well-leased office assets with credit quality and term, as evidenced by this execution, which was a new entrant to the market and a first-time relationship for our borrower,” noted Spellman.
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 advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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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 $18.0 billion in 2019, operations in over 80 countries and a global workforce of over 92,000 as of September 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About The Meridian Group
Since its inception in 1993, The Meridian Group has acquired and developed 13 million square feet across all asset classes, representing over $1.8 billion in equity capitalization and nearly $5.5 billion in total value. The firm, a direct real estate operator, has a 25-year track record of success with value-add transactions generating opportunistic returns. Meridian’s investment strategy is oriented to value-add opportunities across all asset types and capital structures, including acquisitions of underperforming properties and distressed debt as well as providing equity, preferred equity, and mezzanine debt for recapitalizations.