Deutsche Pfandbriefbank Leads $95M Refi of DC Property on GW Campus
A joint venture between Westbrook Partners and MRP Realty has landed a $95 million debt package to refinance a mixed-use office asset in Washington, D.C., Commercial Observer has learned.
Deutsche Pfandbriefbank (PBB) and Brookfield Asset Management supplied the loan for the JV’s 2000 Penn property on George Washington University’s campus in the Foggy Bottom neighborhood. PBB was the senior lender.
Newmark arranged the transaction with a team led by Dustin Stolly and Jordan Roeschlaub alongside Christopher Kramer, Nick Scribani, Ben Kroll, Jake Neeb, Holden Witkoff and Joe Donato.
Located at 2000 Pennsylvania Avenue NW four blocks from the White House, the sponsorship undertook a $48 million renovation of the 11-story building in 2020 that included adding a tenant-only penthouse terrace, a lounge, conference space and a fitness center. The property also consists of new experiential retail space anchored by Western Market, the Foggy Bottom area’s first food hall.
Office tenants at 2000 Penn include law firms Olsson Frank Weeda Terman Bode Matz, Van Ness Feldman, Sughrue Mion and Carr Maloney, as well as business advisory company The Asia Group.
Officials at PBB and Westbrook Partners did not immediately return requests for comment. Brookfield and MRP Realty declined to comment.
Andrew Coen can be reached at firstname.lastname@example.org.