B.F. Saul Spec Office in Northern Virginia Takes $105M Mortgage
The B. F. Saul Real Estate Investment Trust (REIT) has taken out a $105 million 14-year, fixed rate construction and permanent mortgage on its 313,000 square foot Park Place II speculative office development in the Northern Virginia suburb of Tysons Corner. MetLife Real Estate Investments provided the loan.
Saul has applied to the U.S. Green Building Council for a Silver LEEDS certification for the project. If granted, Park Place II will be the first LEEDS Silver certified building in the submarket.
Saul Centers operates and manages a real estate portfolio of 47 community and neighborhood shopping centers and office properties with 7.9 million square feet of space for lease, according to the company’s 2006 annual report. More than 80 percent of the company’s properties are located in the immediate metropolitan area.
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