Holliday Fenoglio Fowler, L.P. (HFF) announces $35.56 million in financing for Gateway Tower, a 261,989-square-foot nine-story office tower in Rockville, Maryland.
The HFF team worked on behalf of the borrower, a joint venture between Normandy Real Estate Partners and Taconic Capital, to secure the five-year, floating-rate acquisition loan through Citizens Bank, a $160 billion sponsor-oriented national lender headquartered in Providence, Rhode Island. A portion of the loan proceeds will be used to upgrade the base building, add new common area amenities and build out various spec suites.
Gateway Tower is located at 401 North Washington Street just north of Rockville Square within proximity to the Rockville METRO station and Interstate 270. Located within “DNA Alley” the property is surrounded by over 200 private companies and 45,000 professionals employed by public and private sector institutes and universities. Renovated in 2002, the nine-story building includes roughly 14,000 square feet of retail space along with 648 parking spaces. The property’s largest tenant is The Emmes Corporation.
The HFF debt placement team representing the borrower included managing director Cary Abod, senior director Daniel McIntyre and director Robert Carey.
About Normandy Real Estate Partners
Normandy Real Estate Partners is a leading real estate investment management firm and operator with offices in New York City, Boston, Washington, D.C. and New Jersey with a track record spanning 20 years. The firm is a vertically-integrated investment and operating platform with a total of 120 employees with broad real estate experience in areas such as acquisitions, investment management, leasing, property management, construction/development and accounting.
Normandy’s management platform is focused on two complementary investment strategies: i) value-add: a series of closed-end, fully-discretionary investment funds, backed by some of the world’s most prestigious institutional investors; and ii) core-plus: a series of separately-managed accounts for domestic and foreign institutional investors. Normandy currently manages approximately $1.5 billion of equity capital, representing total asset value of $3.3 billion. For more information visit www.normandyrealty.com.
About Taconic Capital
Taconic Capital Advisors L.P. is a global institutional investment firm founded in 1999 by former Goldman Sachs partners Frank Brosens and Ken Brody. Taconic pursues an event-driven, multi-strategy investment approach dedicated to generating strong risk-adjusted returns with an emphasis on capital preservation. The firm has offices in New York, London and Hong Kong with over 38 investment professionals, including 9 investing principals who average 14 years of investment experience at Taconic and 76 business function professionals across legal/compliance, finance, operations, technology, and investor relations.
Taconic’s commercial real estate business is managed by James Jordan and Jon Jachman and focuses on sourcing value-add opportunities through non-traditional, off-market processes. Leveraging its diverse network of relationships with CMBS special servicers, lenders and local operating partners, Taconic seeks to generate attractive risk-adjusted returns through the strategic repositioning and re-introduction of well-located real estate assets.
For more information about Taconic Capital Advisors L.P., visit www.taconiccap.com.
About HFF
HFF and its affiliates operate out of 26 offices and are 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 advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.
