SILVER SPRING, MD. — Washington Property Co. (WPC) has received a $35 million loan for the refinancing of 8757 Georgia Avenue, a 242,000-square-foot office building in Silver Spring, roughly six miles north of Washington, D.C. Tyler Blue and Paul Wallace of Berkadia arranged the loan through Wells Fargo. WPC acquired 8757 Georgia Avenue in 2001 and invested $20 million to renovate the property. At the time of sale, the building was 87 percent leased to tenants including Conflulytics, Social & Scientific Systems and Synergy Enterprises. The property is situated within walking distance to the Silver Spring Metro station and the planned Purple Line light rail station. In addition, the building has been awarded the LEED for Existing Buildings certification for its incorporation of energy-efficient lighting, low-flow plumbing fixtures and green cleaning products and equipment.
At the time of sale, the building was 87 percent leased to tenants including Conflulytics, Social & Scientific Systems and Synergy Enterprises.
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