WASHINGTON (February 7, 2020) – Savills today announced that it has secured $31.2 million in financing on behalf of the Modell family for their recent all-cash acquisition of two Class B office buildings located at 1612 K Street, NW and 1319 F Street, NW in Washington, DC.

The Savills Capital Markets team representing the borrower was led by Senior Managing Directors Matt Brody and Lindsay Stroud.

“The Savills team is grateful to both the Modell family and their asset manager, BEB Capital, for this opportunity, and we are proud to have successfully executed on the goals of our client,” said Brody.

Savills solicited quotes from a variety of lending sources, ultimately advising and assisting on the placement of a 10-year, fully interest-only, nonrecourse CMBS financing package provided by Bank of America.

“Savills extensive structured finance expertise combined with a strong capital commitment from the sponsor, as well as two very well-maintained, exceptionally located and historically stable assets were all key factors in attracting a wealth of attractive debt options,” said Brody.

The Modell family purchased the buildings in June as a portfolio in an all-cash transaction. The seller in the deals, two entities owned by EDG Corporation, was represented by Savills Managing Director Ken Biberaj.

Built in 1958, the 1612 K Street building consists of 83,000 square feet of office and retail space. It is located less than one block from Farragut Square in the heart of the central business district. The 1319 F Street property contains 65,000 square feet and is located less than a half-mile from the White House and two blocks from the Metro Center station. Both properties are nearly fully occupied with association and nonprofit tenants.