Walker & Dunlop Inc.’s subsidiary, Walker & Dunlop LLC, arranged $93,000,000 in financing for Norman Jemal, for a portfolio of mixed-use properties located in Washington, D.C.
The portfolio consists of four properties totaling 257,000 sq. ft., located in the Chinatown neighborhood in the Northwest quadrant of the nation's capital. The properties feature close proximity to the Verizon Center and all five Metro lines.
Deutsche Bank provided the $55 million in permanent financing for the 119,000 square-foot building at 800 F Street NW and the 35,000 sq.-ft. building at 425 7th Street NW. The loan was structured with a 10-year term and underwritten to a 66 percent loan-to-value. The building located on F Street contains the International Spy Museum, along with nine apartments and tenants that include Varian Medical Systems, Washing¬ton Media and Ziemba Waid Public Affairs. The property at 425 7th Street is comprised of a cluster of three-story buildings with office and retail space and features restaurants Carmine's and Luke's Lobster.
RBS Citizens provided the $38 million in interim financing for 704-718 7th Street NW and 726-738 7th Street NW/702 H Street NW, totaling more than 100,000 sq. ft. in several buildings. The loan was structured with a 5-year term, including extension options and underwritten to a 48 percent loan-to-value. Douglas Development houses its headquarters in the space.
Walker & Dunlop Senior Vice President, Capital Markets Sandor Biderman led the Walker & Dunlop team.