WASHINGTON, DC — Rubenstein Partners, LP, in partnership with an entity of Trammell Crow Company, announced the closing of a $15 million senior secured loan commitment for Maryland Trade Center III, a 192,000 s/f class A office property. First Niagara Bank, N.A. is providing the new loan facility. Maryland Trade Center III is located at the intersection of the Capital Beltway and MD 295, within the Greenbelt submarket of Washington, DC. The Rubenstein / Trammell Crow partnership is leasing the office space following a significant modernization project. Recent building renovations include modernization of the lobby and upgrades to restrooms & building systems. The ownership previously extended a lease with PNC for a 2,675 s/f bank branch on site and transformed it into a separate condominium, which was sold to a net lease investor in 2015.
The new loan commitment, which has a term of up to five years, provides for future funding associated with continued leaseup. A CBRE debt placement team led by David Webb and Erik Binkowski represented the Rubenstein / Trammell Crow partnership in securing the loan. “In partnership with Trammell Crow we are continuing to execute our plan to add value to Maryland Trade Center III and we are pleased to grow our relationship with First Niagara through this transaction,” said Scott Whittle, director of finance for Rubenstein.
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