Normandy Real Estate Partners closed on a $140 million loan from Morgan Stanley secured by its 10-building portfolio in Northern Virginia and suburban Maryland. The portfolio includes 787,425 sq. ft. of space in markets including Chantilly, Fairfax City, Reston and Alexandria, Va. and Columbia, Md. Six of the buildings are located at the WestfieldsCorporate Center in Chantilly.
“This successful transaction exhibits the strength of our vertically integrated platform as we have leased approximately 500,000 sq. ft. over the past three years, bringing occupancy to 93 percent,” said Normandy Principal Gavin Evans in a statement. “This financing fully retires the original acquisition debt on the portfolio and allow us to further build on our vision and strategic plan for the Northern Virginia market.”
John Campanella, senior managing director, and Paul Spellman, associate vice president with Cassidy Turley, negotiated this transaction on behalf of Normandy.