SBO Arranges $24 Million Refi for Rockrose D.C. Office Building
Cathy Cunningham Sept. 27, 2016, 6:05 p.m.
PNC Bank has provided a $24 million loan to Rockrose Development Corporation to refinance the developer’s office building located at 1140 19th Street in Washington, D.C., Commercial Observer can first report.
The Singer & Bassuk Organization arranged the 10-year, fixed-rate loan. “SBO has provided Rockrose with exceptional service consistently for decades,” Richard Brancato, Rockrose’s director of financing, said in prepared remarks. “They are the most creative, nimble and effective financial intermediaries we have dealt with.”
The 70,648-square-foot Class A property is located in the capital’s central business district, close to Dupont Circle. It has been fully renovated and includes a private terrace, onsite parking and a two-story marble lobby. The building’s retail tenants include Noodles & Co. and GRK Greek Fresh, while its office tenants include the Council for the Accreditation of Educator Preparation and Washington Occupational Health Associates.
Rockrose purchased the building from American Real Estate Partners and The Davis Cos. for $40.5 million in July 2015, according to CoStar.
The brokerage has a long history of arranging financing for Rockrose. The developer is one of its major clients, and the Elghanayan family was one of SBO chairman and chief executive officer Andrew Singer’s very first clients.
SBO arranged financing on two of the Rockrose’s West Village digs earlier this year—a $65 million mortgage for 100 Jane Street in July and a $60 million Fannie Mae loan to refinance 110-114 Horatio Street in May. In terms of D.C. properties, SBO arranged a $227 million loan to help fund Rockrose’s acquisition of a 414,204-square-foot office building in Washington, D.C in 2014.
“We have worked with Rockrose for more than 40 years and have repeatedly delivered market-leading financing for their renowned properties in Manhattan, Long Island City and Washington DC,” Singer said.
Officials at PNC didn’t immediately return a request for comment.