Private equity real estate firm Perseus Realty has secured $103.5 million in financing for its Class A office building at 1110 Vermont Avenue in Washington DC.
The three-year, fixed-rate loan was arranged by Perseus Realty’s investment banking affiliate, Perseus Realty Capital. The 75 percent loan-to-cost financing replaces an acquisition rehabilitation loan and is intended to provide funds until the 309,480 square foot building is stabilised.
Perseus and GMAC Institutional Advisors purchased 1110 Vermont Avenue from developer Cafritz Interests and real estate firm Abbott Stillman in 2005 for $82 million when the building was only 15 percent leased. The property underwent a complete renovation in 2007. It is currently 78 percent leased to 24 tenants, including advertising agency WPP and region cable company Streamsage while Il Mulino restaurant and Starbucks occupy retail space.