EagleBank Lends $37M to Refinance Two Suburban DC Office Buildings
By Mack Burke September 27, 2018 3:45 pm
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EagleBank lent $36.5 million to developer Marcus Partners to refinance two adjacent office buildings in Rockville, Md., according to HFF, which negotiated the debt.
The floating-rate loan facilitated the take-out of previous acquisition financing and also provided Marcus Partners with additional funds to continue on the path of its current business plan in improving and capitalizing the assets.
Park Plaza I and II are located at 2099 and 2101 Gaither Road, respectively, in the northern section of Rockville, about 30 minutes northwest of Downtown Washington, D.C. Together, the two offices total 264,285 square feet.
A renovation of the properties was recently completed to feature a café, a fitness facility, a yoga studio, a conference center, new courtyard space, improved building systems and refreshed lobbies.
HFF brokers Daniel McIntyre and Jay Graham arranged the debt for Marcus. Officials at the brokerage did not respond to a request for comment.
CBRE (CBRE) represents Marcus in leasing the property. The broker assigned to Park Plaza I & II did not immediately respond to an inquiry.
Officials at EagleBank and at Marcus Partners could not immediately be reached.
