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Avison Young arranges $20 million loan for premier medical office building in McLean, VAMarch 23, 2022
Avison Young’s Debt and Equity Finance Team arranges refinancing on behalf of Stewart Investment Partners and Chestnut Funds
MCLEAN, Va. – Avison Young’s Debt and Equity Finance Team announced today that it has arranged a $20 million loan to refinance the medical office building in the heart of downtown McLean, Va.
Avison Young arranged the financing for the 47,000-square-foot medical office building located at 1420 Beverly Road. The property’s owner, a partnership between Stewart Investment Partners and Chestnut Funds, recently upgraded the building, transforming it from a general office building into the premier medical office building in the submarket.
Jon Goldstein, a Principal at Avison Young, led the team representing the owner, with Mike Yavinsky and Wes Boatwright, also Principals at the firm. The financing was provided by a local bank.
“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. “We were very pleased with the financing terms we were able to secure.”
The three-floor building, constructed in 1985, underwent major renovations that were completed in 2021. Improvements included outfitting the atrium lobby, corridors, elevators, and restrooms with high-end finishes, as well as adding energy-efficient lighting and modernizing the parking garage.
Ideally located near the intersection of Rt. 123 and Old Dominion Drive, the property offers easy access to I-495, I-66 and the Dulles Toll Road.
About Avison Young
Avison Young creates real economic, social and environmental value as a global real estate advisor, powered by people. As a private company, our clients collaborate with an empowered partner who is invested in their success. Our integrated talent realizes the full potential of real estate by using global intelligence platforms that provide clients with insights and advantage. Together, we can create healthy, productive workplaces for employees, cities that are centers for prosperity for their citizens, and built spaces and places that create a net benefit to the economy, the environment and the community.
Avison Young is a 2021 winner of the Canada's Best Managed Companies Platinum Club designation, having retained its Best Managed designation for ten consecutive years.
For more information:
- Jon Goldstein, Principal, Washington, DC: +1.202.644.8687