"This was an extraordinary opportunity in an ideal location with a best-in-class ownership"
JLL Capital Markets, a commercial real estate services firm, has announced arranging a $38.5 million loan for a 240,000-square-foot office building, known as District IV, located within The District at King Farm in Rockville, MD.
The JLL team secured the $38.5 million acquisition financing through Ladder Capital. The borrower, BLT Green Hollow, is a partnership between Building and Land Technology and Green Hollow Capital Partners, along with Banyan Street Capital, a premier commercial real estate owner and operator.
The building is part of the recently rebranded District at King Farm, which comprises four assets totaling over 750,000 square feet of office and retail space. Banyan Street Capital owns a stake in 700, 702 and 800 King Farm Boulevard (District I, II, and III).
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According to a release, the partnership will invest in repositioning the asset through comprehensive lobby improvements and upgrades to amenities and foodservice offerings. They also plan extensive renovation across the District at King Farm, which will include additional interior and exterior amenities, building and lobby upgrades, and enhanced programming. The project is surrounded by several shopping and dining destinations.
“This was an extraordinary opportunity in an ideal location with a best-in-class ownership,” said JLL director Robert Tonnessen. “BLT Green Hollow & Banyan Street Capital are ideally positioned to reinvigorate the property to accommodate the shifting needs of tenants in today’s market.”
