Korean Investor Secures $103M Loan For Acquisition Of NoMa Office Building
Korean investor Hana Asset Management has secured a $103M loan for its late December acquisition of NoMa's Sentinel Square II.
Cushman & Wakefield's John Campanella represented the borrower, Hana and Ocean West Capital Partners, in landing the five-year, fixed-rate loan with an international bank, the brokerage firm announced Monday.
The deal, first reported by GlobeSt, comes after Trammell Crow sold the 280K SF office building at 1050 First St. NE to Hana and Ocean West Dec. 29. The developer had previously landed two major public-sector tenants at the project, signing a 168K SF lease with the D.C. government and a 100K SF lease with the Federal Election Commission.
"Sentinel Square is a world-class asset in one of the strongest submarkets in Washington D.C.," Campanella said in a release. "When you combine an asset of that quality with strong credit tenants, and an institutional borrower, the result is a very competitive lending environment."
Foreign investors have been dominating D.C.'s office sales market in recent months. In January, a Spanish investor acquired 900 G St. NW for a D.C. record $1,278/SF, a German investor acquired 1440 New York Ave. NW for $250M and a French investor bought 1401 New York Ave. NW for $165M.
