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$17,000,000
First Mortgage
Newington
Business Park
Lorton, Virginia |
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Newington Business Park is a 252,000 square foot business park consisting
of seven industrial buildings located in Lorton, Virginia. The park
is well-located near the intersection of Interstate 95 and the Fairfax
County Parkway a prominent throughway in Northern Virginia. The multi-tenant
industrial facility was built in 1986 on a 17-acre site and maintains
an occupancy of near 100%. The one-story buildings are constructed
of steel frame, block and brick façade with 18 foot clearances. One
of the seven buildings is a secured site occupied by a single tenant,
and the remaining six buildings are multi-tenanted with a wide variety
of tenants. Approximately 25% of the property is used for office purposes.
Suburban provided a first mortgage loan for the borrower to refinance
the acquisition funding in place on the property. The loan was a fixed-rate
mortgage having a 10-year maturity with a 30-year amortization, and
was priced at a fixed interest rate spread over the 10-Year U.S. Treasury
Bond Index.
In order to meet the financing needs of the borrower, Suburban also
arranged and coordinated the placement of mezzanine debt for the borrower,
allowing for the partial buy-out of original equity.
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