HFF Secures Refi for 2 NoVa Office Assets
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1400 Crystal Drive, Arlington, Va.
Washington—HFF has arranged refinancing for 1400 Crystal Drive, a newly renovated, 308,898-square-foot trophy office building, and Jefferson Plaza, a 270,286-square-foot office building, both in the Crystal City submarket of Arlington, Va.
For the Crystal Drive property, HFF worked on behalf of an affiliate of Lowe Enterprises Investors to place the floating-rate loan with KKR Financial. Proceeds will be utilized to retire existing financing that HFF secured in 2013, and provide good news funding for lease-up.
“The borrower has signed leases with 11 tenants since completing the renovation, including seven different association groups and a host of private-sector businesses,” Cary Abod, HFF managing director, said in a prepared statement. “Tenants have elected to lease at 1400 Crystal for the features that make it the top building in Crystal City: best-in-class tenant build-outs, unrivaled views and the array of amenities.”…
