Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured $46.6 million in financing for Capital Office Park, a seven-property office portfolio totaling 806,531 square feet in the Greenbelt, Maryland suburb of Washington, D.C.
HFF worked on behalf of the borrower, Morning Calm Management, to arrange the floating-rate acquisition financing through ACORE Capital, a leading commercial real estate finance company.
The office park is situated at 6301-6421 Ivy Lane, about 11 miles northeast of Washington, D.C. near The Capital Beltway (Interstate 495) in Greenbelt. The portfolio is currently 60 percent leased to a diverse mix of tenants, including Bozzuto & Associates, Whiting Turner, and the U.S. District Attorney’s Office. Morning Calm Management, who will be moving its primary office to Capital Office Park, has a successful track record of office repositionings throughout the United States. Morning Calm intends to inject substantial capital into the assets via the upgrading and modernization of lobbies, elevators, windows and amenity spaces. These improvements will help the assets retain current tenants and attract additional tenants, and cement Capital Office Park’s position as the premier suburban D.C. corporate location.
The HFF debt placement team representing the borrower was led by managing director Cary Abod and senior managing director Michael Gigliotti.
“Morning Calm has made an impressive foray into the D.C. marketplace with their acquisition of Capital Office Park,” said Abod. “They have a clear, coherent plan for the portfolio that resonated with the lender community and generated an impressive amount of interest. In addition, ACORE was remarkably effective in executing the financing on a condensed timeline.”
About Morning Calm Management
Morning Calm Management is a vertically integrated real estate investment and management firm with a focus on special situation investing. Through its affiliates, the firm owns approximately five million square feet of real estate around the country on behalf of private and institutional capital. To learn more, please visit www.morning-calm.com.
About ACORE Capital
ACORE Capital, LP is a commercial real estate finance company focused on originating, acquiring and managing first mortgages, B-notes, mezzanine debt and preferred equity throughout the United States. ACORE, which is an acronym for Alpha Commercial Real Estate, specializes in providing borrowers with customized financing solutions at competitive rates and flexible terms. For investors, ACORE is focused on generating alpha through attractive commercial real estate debt investments coupled with superior risk management. ACORE is led by commercial real estate finance veterans Boyd Fellows, Stew Ward, Chris Tokarski and Warren de Haan. For more information, please visit www.acorecapital.com.
About HFF
Holliday Fenoglio Fowler, L.P. (“HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 24 offices and is a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.comor follow HFF on Twitter @HFF.
