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MORTGAGE BANKING FIRMS ARRANGE $145 MILLION FINANCING; RARE NEW LOAN BASED ON OVERALL PROJECT STRENGTHS

 MORTGAGE BANKING FIRMS ARRANGE $145 MILLION FINANCING;
 RARE NEW LOAN BASED ON OVERALL PROJECT STRENGTHS
 SOUTHPORT, Conn., June 19 /PRNewswire/ -- In what may be the largest new commercial real estate loan in the nation during the past year, Fowler, Goedecke, Ellis & O'Connor, Inc., Boston, and Epstein Funding, Inc., Westport, Conn., today announced they have arranged $145 million in financing for David Nassif Associates.
 The loan is secured by the Nassif Building, also known as the United States Department of Transportation Building, a 1,322,000-square- foot office facility, located two blocks south of the National Mall in Washington, D.C.
 The financing was structured as a private placement with the Securities Division of Teachers Insurance & Annuity Association, New York.
 Frederic Wittmann, managing director of FGEO, and Alvin Epstein, president of Epstein Funding, cooperated in bringing the parties together.
 "The current financing market is the most difficult I've ever experienced," said Wittmann. "However, financing for high-quality property with strong tenancies, when creatively structured, continues to attract institutional lenders."
 Epstein concurred, citing that, in this case, the owner's history of successful, conservative investment, the strength of leases with the U.S. Government, and the property's location in the District of Columbia's strong office market were all important factors in the lender's decision.
 The Department of Transportation has occupied 98 percent of the building as its headquarters since completion of construction in 1970. The balance of the property is leased to other users.
 Architect Edward Durrell Stone designed the ten-story marble-clad building as a quadrangle with an open-air interior courtyard, landscaped with fountains. From the courtyard is the entrance to the L'Enfant Plaza Station of the Washington Metro System. There is a three-level parking garage underground. The property occupies the entire block from Sixth to Seventh and D to E Streets.
 David Nassif is managing general partner of David Nassif Associates, which developed and manages the property. In addition to Washington, D.C., Nassif is a developer/investor in the Boston, Virginia, and southwest Florida markets, and is based in the Boston area.
 Fowler, Goedecke, Ellis & O'Connor is, according to Wittmann, the largest commercial mortgage banking firm in New England, having financed over $5 billion in transactions since 1985. FGEO represents institutional investors in New England, arranging permanent, construction, and interim financing, bullet loans, joint ventures, and equity sales. The company services a total mortgage loan portfolio in excess of $3.2 billion and has affiliated offices in Hartford and Westport, Conn.
 Established in 1978, Epstein Funding, Inc., is a real estate finance firm serving the southern New England and metropolitan New York markets. Epstein has arranged financing for such major Connecticut projects as the Long Wharf Maritime Center in New Haven. The company has also financed a variety of high-quality client projects nationwide.
 -0- 6/19/92
 /CONTACT: Ellie Becker of E. R. Becker Company, 203-847-1947, for FGEO and Epstein Funding/ CO: David Nassif Associates; Fowler, Goedecke, Ellis & O'Connor, Inc.;
 Epstein Funding, Inc. ST: Connecticut, Massachusetts, District of Columbia IN: FIN SU: FNC


GK-OS -- NY031 -- 1911 06/19/92 12:07 EDT
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Publication:PR Newswire
Date:Jun 19, 1992
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