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Avison Young arranged loan for 47k-square-foot property
Avison Young arranged loan for 47k-square-foot property
Katherine Schulte// March 25, 2022//
Toronto-based commercial real estate firm Avison Young announced Wednesday that its debt and equity finance team had arranged a $20 million loan to refinance a medical office building in McLean.
Built in 1985, the three-story, 47,000-square-foot medical office building is located at 1420 Beverly Road. A partnership between Stewart Investment Partners and Chestnut Funds owns the building and finished renovating it from a general office building in 2021.
Jon Goldstein, an Avison Young principal, led the team representing the owner, along with principals Mike Yavinsky and Wes Boatwright, to secure the five-year fixed-rate loan.
“Ownership flawlessly executed their business plan by substantially upgrading the property and getting it stabilized in a short period of time. This refinancing opportunity was extremely attractive to lenders due to the high quality of the property, credit-worthy tenancy and the excellent location,” Goldstein said in a statement.
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