Capital Markets Team Brokers Multi-million Dollar Loan from Eagle Bank
WASHINGTON, DC, June 30, 2018 – Cushman & Wakefield announced today that it has secured a construction loan for 1050 17th Street on behalf of The Lenkin Company. The loan will be used to construct a new building, with renovations slated to begin later this year.
Philip Mudd and Brad Geiger, Executive Managing Director and Senior Vice President at Cushman & Wakefield, respectively, represented the borrower in securing the loan from Eagle Bank. The team negotiated an agreement that will provide construction financing for the centrally located building.
“There were several lenders interested in financing this project,” said Mudd. “This was due to the quality, design, ownership and extraordinary location.”
1050 17th Street is a 145,000-square-foot (SF) office building in the Central Business District of Washington, DC. The existing building, which was constructed by Melvin Lenkin in the mid-1970s, will be demolished and a new, 154,000-SF speculative office building will be constructed. The new property will also include ground-floor retail and below-grade parking. It will feature trophy quality suites and best-in-class amenities while retaining its proximity to public transportation.
About The Lenkin Company
Since 1929, The Lenkin Company has been meeting the demands of the Washington, DC metropolitan area business community. As a full service construction and management firm, The Lenkin Company is involved in the entire building process, from the pre-construction services and value engineering, to constructability reviews and construction management, and finally to post-construction services and property management. In addition, The Lenkin Company offers the confidence, trust, dedication, and ingenuity of its team members. Over 100 years, and three generations, of combined experience is available to each client its work with. The result of this experience is consistently meeting and exceeding our client expectations. The Lenkin Company spreads its standard of excellence across every point of real estate development.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that delivers exceptional value by putting ideas into action for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, advisory and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.