KeyBank Real Estate Capital Lends $204M in Washington, D.C.

KeyBank Real Estate Capital, Cleveland, and Walton Street Capital, Chicago, originated $204.1 million to refinance 1025 F Street NW in Washington, D.C.

The former Woodward & Lothrop department store–called the Woodies Building–in Washington’s East End neighborhood secures the loan.

The 10-story, multi-tenant Class A office building dates to 1897. Borrower Douglas Development Corp., Washington, D.C., redeveloped the 497,000-square-foot property between 2003 and 2005.

KeyBank Senior Relationship Manager Scott Bois arranged the financing. The 12-year loan included a 10-year interest-only period and 30-year amortization schedule.

The Washington National Opera purchased the property in 1996 for $18 million with a plan to convert the retail space to a new home for the opera. Douglas Development acquired the building from the Washington National Opera in 1999 for $28.3 million. 

Last year KeyBank and Walton Street Capital originated a $196 million first mortgage loan for Douglas Development secured by the nearby Atlantic Building, a 280,000-square-foot office building with ground-floor retail space at 950 F Street, NW. The 65 percent loan-to-value 10-year fixed-rate loan refinanced existing debt. 

KeyBank Real Estate Capital also provided $22.5 million in Fannie Mae refinancing for East Haven, Conn. multifamily property East Farm Village. The 240-unit property operates under a Section 8 Housing Assistance Payment contract to provide affordable housing units to low- to moderate-income families. Senior Mortgage Bankers Erik Storz and Al Clemente of KeyBank arranged the financing.