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Ackman Singer arranges $105M construction loan.

Ackman Singer arranges $105M construction loan

Despite the current credit crunch, Ackman Brothers & Singer, Inc. of New York City mortgage brokers, arranged a LIBOR-based $104.58 million first mortgage construction loan to finance the new headquarters of the National Science Foundation in Ballston (Arlington County), Virginia, it was announced by the firm. The interest rate was fixed through "serial swaps" at approximately 8.4 percent for the first 24 months of the loan. The site is located at the Ballston Metro and is across from the Ballston Common Mall. The loan was placed with a consortium of foreign banks. The construction loan was further secured by a permanent loan commitment from a pension fund arranged by TCW Realty Advisors, Inc.

Excavation for the new 585,900-square-foot 12-story structure has commenced. More than 80 percent of the building has been leased to the General Services Administration for the National Science Foundation, an independent federal agency. Ballston, Virginia is considered the new downtown of Arlington County, "one of the most desirable business and residential locations in the entire Washington, D.C. metropolitan area".

The building will facilitate the activities of the agency in its work to promote and advance scientific progress in the U.S. and to expand the nation's supply of scientists, engineers and science educators. Total site land area is 152,664 square feet, of which the Phase I building occupies approximately 113,000 square feet.

The developer is Stafford Place Associates Limited Partnership of McLean, Virginia, a limited partnership formed by The Evans Company, a successful developer headquartered in McLean. The Evans Company has developed and manages in excess of 2.2 million square feet in Northern Virginia and Washington, D.C. Other current projects include a 450,000 square foot mail processing facility under development for the U.S. Postal Service at Broad Run Business Center adjacent to Dulles International Airport. The Phase I building will also contain approximately 34,850 square feet of retail stores directly connected to the Metro stop by the second floor enclosed air-conditioned pedestrian bridge, and an underground, four level parking garage containing 911 parking spaces.

The NSF, founded in 1950, receives more than 37,000 proposals each year for research, graduate and postdoctorate fellowships, and math/science, engineering and educational projects and makes more than 17,000 awards.

The developer is seeking tenants for the balance of the Phase I building. Phase II of the project will be built on the adjoining land when tenancy can be obtained. A 185,000 square foot building with a 300 car parking garage is envisioned.

The developer was represented by Arent, Fox, Kintner, Plotkin & Kahn; Cotten, Day & Selfon; Walsh, Colucci, Stackhouse, Emrich & Lubeley, PC; and Real Title Company, Inc.
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Copyright 1991, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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Publication:Real Estate Weekly
Date:Sep 18, 1991
Words:454
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