HERNDON, VA — DTZ, a global leader in commercial real estate services, announced that it has secured $83 million in financing for Woodland Park, a three-building portfolio located in Herndon, VA.
Executive managing director John Campanella arranged the financing on behalf of a joint venture between AEW Capital Management, on behalf of one of its separate account clients, and American Real Estate Partners. A bank provided the borrower with a long-term fixed rate loan.
“We had a number of lending institutions quoting on Woodland Park,” said Campanella. “The borrower was able to secure a very competitive 10-year bank loan with great flexibility.”
The three buildings, which total 480,324 s/f and are currently 96% leased, are located in Woodland Park, a 175-acre live/work/play office, retail and residential development along the Dulles Toll Rd. The property is within walking distance of the future Herndon-Monroe Street Metro Station and is easily-accessible to Reston Town Center, one of the country’s most successful master-planned communities.
Located on Corporate Park Dr., the Woodland Park Office Portfolio is comprised of Plaza Ridge II, a 160,046 s/f, class A office building, and South Point I and II, twin, six story, class A office buildings totaling 320,278 s/f located ½ block to the south at the northwest corner of Sunrise Valley Dr. All three buildings provide parking via both surface lots and adjacent three-story parking structures. Unique to South Point I is above standard “hi-tech” upgrades that are critical to the needs of today’s tenants including abundant electrical power, backup generation and a supplemental electrical system available to serve mission critical voice and data systems.