Dealmaker: KeyBank, Walton Street Originate $196M in D.C.
A partnership between KeyBank Real Estate Capital, Cleveland, and Walton Street Capital, Chicago, originated $196.3 million for Douglas Development Corp., Washington, D.C.
The Atlantic Building, a 280,000-square-foot Class A office property with ground-floor retail in Washington’s East End submarket, secures the loan. The 65 percent loan-to-value 10-year fixed-rate loan refinanced existing debt.
The collateral property at 950 F Street, NW–Washington’s first privately constructed high-rise building with elevator service–dates to 1887. Douglas Development Corp. acquired the property in 1999 and redeveloped it between 2004 and 2006. Ford’s Theater, the site of President Lincoln’s assassination, sits next door.
Richard Ratke, Senior Principal at Walton Street, said the Atlantic Building loan represents the fourth loan KeyBank and Walton Street have made in a venture totaling nearly $500 million since inception.
KeyBank and Walton Street will provide servicing and advisory services for the life of the loan.
KeyBank also recently closed $324 million in financing for senior care facility owner Enlivant, Chicago. The financing consists of a $182 million Freddie Mac loan and a $142 million corporate credit facility.
A 36-property assisted living community portfolio with 1,477 units in 14 states units secures the $182 million mortgage. The corporate credit facility, a $100 million term loan and a $42 million revolver, is secured by a pool of 40 assisted living communities in 12 states.
KeyBank Healthcare Mortgage Banking Group Senior Vice President Charlie Shoop arranged the financing. KeyBank Senior Vice President Paul Di Vito, Vice President Tim Sylvain and Associate Mark Amantea arranged the corporate credit facility by providing the full loan at closing and syndicating it thereafter.
