ARK Realty Capital Closes $58 Million Loan for Construction of Alexandria, VA Office Building.BETHESDA, Md. -- ARK Realty Capital of Bethesda, MD today announced the closing of $58 million in non-recourse construction financing for Carlyle Overlook, a 250,000 square foot Class A office building under development in Alexandria, Virginia Alexandria is an independent city in the Commonwealth of Virginia. As of the 2000 census, the city had a total population of 128,284. Located along the Western bank of the Potomac River, Alexandria is approximately 6 miles (9.6 kilometers) south of downtown Washington, DC. by MRP (Material Requirements Planning) An information system that determines what assemblies must be built and what materials must be procured in order to build a unit of equipment by a certain date. Realty, a commercial real estate development company founded by former Trammell Crow F. Trammell Crow (born June 11, 1914, in Dallas, Texas) is an American property developer who created several famous projects, including Dallas Market Center, Peachtree Center (Atlanta, Georgia), and San Francisco's Embarcadero Center. Company executives Bob Murphy, Fred Rothmeijer and Ryan Wade Ryan Wade (born May 11, 1978 in Victoria, British Columbia) is an ECHL ice hockey player. He is currently signed with his hometown team, the Victoria Salmon Kings. He currently holds many team offensive records. . MRP Realty's capital partner, Rockpoint Group L.L.C., is a global real estate and investment management firm with offices in Boston, Dallas, San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden , Frankfurt, London and Tokyo. Key Bank of Washington, D.C. provided the loan, which represents 75 percent of the project cost. MRP Realty recently broke ground on the project, located adjacent to the Eisenhower Avenue Metrorail station and the U.S. Patent and Trademark Office campus. The building is expected to deliver in the first quarter 2008 and approximately half of the building's space will be occupied by The American Society of Clinical Oncology American Society of Clinical Oncology, or ASCO, is an organization that represents all clinical oncologists. Every year, ASCO holds a large symposium where physicians and researchers meet to convey and discuss research and ideas. . The remaining space (top five floors of the building) containing approximately 125,000 square feet is available for lease. "This transaction attracted significant interest from the lending community, allowing us to create a competitive scenario that enabled our client to structure its risk and still obtain great pricing," said Kevin H. Smith, President of ARK Realty Capital. Founded by Smith in 2005, ARK Realty Capital specializes in providing creative and highly structured financing, partnering users and sources of funds across the entire capital spectrum. The firm has relationships with domestic and foreign funding sources including life insurance companies, conduits, banks, pension funds, REITs, and private capital sources. Since its founding, ARK Realty Capital has closed approximately $700 million in transactions. |
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