Donohoe's Big Refi
The Donohoe Cos (DC's oldest full-service real estate firm) has closed on $130M in new financing for its Federal Center Plaza buildings in Southwest. The firm's Steve Twohig (right, with AccessPoint's Chris Clark and a photo bomber)tells us the move is a standard one, as Donohoe is typically a long-term holder of assets (they developed the properties in 1980, and other holdings include Chevy Chase Pavilion and Fannie Mae's digs at 4000 Wisconsin Ave). As Steve puts it, when deciding what to do with two fully leased buildings--"why give up gold?"
Steve says Donohoe has over $500M in the development pipeline, including the under-construction Gallery of Bethesda (pictured), which will include 450 residential units (the first phase delivers in December) and 100k SF of office.1111 New Jersey, a proposed 200k SF office building directly above the Navy Yard Metro, is in the approval process too.