Ladder Capital Supplies $39M Acquisition Loan for Maryland Office Property
By Andrew Coen March 8, 2022 6:05 pmreprints
BLT Green Hollow— a new partnership between Building and Land Technology and Green Hollow Capital Partners — has secured $38.5 million of acquisition financing for the joint venture’s purchase of an office complex in Rockville, Md., Commercial Observer has learned.
Ladder Capital provided the loan for the JV’s 240,000-square-foot office building known as District IV, located within The District at King Farm at 805 King Farm Boulevard.
JLL Capital Markets arranged the transaction with a team of Michael Gigliotti, Robert Tonnessen and Brian Buglione.
BLT Green Hollow was formed last summer between Building and Land Technology and Green Hollow Capital Partners along with Banyan Street Capital to focus on special situation deals. The JV is led by Green Hollow Capital Partners CEO Jim Glasgow and Carl Kuehner of Building and Land Technology.
Banyan Street and BLT Green Hollow acquired 805 King Farm Boulevard this past October for an undisclosed price through a deed-in-lieu proceeding after purchasing the then-existing loan from BBVA Compass. The acquisition marked the first deal closed in the newly formed BLT Green Hollow Fund.
District IV is part of the recently rebranded District at King Farm, which comprises four assets totaling over 750,000 square feet of office and retail space. Banyan Street Capital had previously acquired a stake in 700, 702 and 800 King Farm Boulevard (District I, II, and III) in the summer of 2020.
The partnership plans to reposition 805 King Farm Boulevard with comprehensive lobby upgrades, additional amenities and new food service offerings. It is also planning extensive renovations across the District at King Farm property that will include interior and exterior amenities, building upgrades and enhanced programming.
“This was an extraordinary opportunity in an ideal location with a best-in-class ownership,” Tonnessen said in a statement. “BLT Green Hollow and Banyan Street Capital are ideally positioned to reinvigorate the property to accommodate the shifting needs of tenants in today’s market.”
Representatives for Ladder Capital did not immediately return a request for comment. BLT Green Hollow declined to comment.
Andrew Coen can be reached at firstname.lastname@example.org.