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FCP, Penzance Get $42M Refi for 1101 Connecticut

Washington, D.C.
FCP, Penzance Get $42M Refi for 1101 Connecticut

1101 Conn-revised 5.30.11 web

Federal Capital Partners, along with JV partner Penzance, has secured a new $42M loan from SunTrust for 1101 Connecticut Ave., which the firms announced yesterday. FCP's Steve Walsh tells us the firm wanted to take advantage of the "incredibly strong debt markets" for a well-leased, cash-flowing property like 1101 Connecticut, and adds that the propertyis in good shape going forward. There's only "very, very modest" leasing left to be done for the 99%-occupied building, Steve says. (There's a few offices and some space in the air ducts left to rent.) Stay tuned for more FCP news too, he adds: the firm is looking to add to its office portfolio this year.