Recent Transactions

PRC is pleased to announce that it has raised debt and equity capital on behalf of JPI East (“JPI”) for the acquisition of Orchard Pond, a 747-unit garden style apartment complex in Gaithersburg, Maryland. JPI will reposition the property with the completion of improvements to provide additional amenities to renters. Orchard Pond will also benefit from JPI’s experienced property management team which has successfully acquired, repositioned and developed projects across the U.S. JPI has achieved notable success along the East Coast with more than 3,400 apartment units acquired in the past two years. In the long-term JPI will also explore the future potential for increasing density on a portion of the Property.

PRC is pleased to announce that it has secured $11 million in mezzanine financing on behalf of The Nichols Partnership, Inc. The mezzanine loan will complete the financing package needed for the construction of The Spire, a 503-unit high-rise residential condominium under construction in downtown Denver. This transaction closed despite waning appetite for condo deals in the current real estate environment because of the strong sponsorship and market demand for product at a more affordable price point.

PRC is pleased to announce that it has secured $132.7 million in bridge financing for the House of Sweden and the neighboring Harbourside building in Washington, DC, on behalf of the sponsors, Armada Hoffler and Lano International. Located in the heart of Georgetown at 2900 K Street, NW, alongside the Potomac River, this location represents the last available site for new development in the historic neighborhood. The House of Sweden is the new home of the Swedish Embassy, and is comprised of 69,000 SF of office space and residences for embassy dignitaries. The five-story building also includes exhibition space and a high-tech business event center. Harbourside is a speculatively constructed building with 127,000 SF of Class A trophy office space and 26,000 SF of luxury condos. Armada Hoffler is one of the nation's premier commerical real estate companies specializing in development, construction and ownership of quality institutional-grade real estate. Lano International is a commercial real estate development and investment company specialising in development and ownership of hotels, Class A office space and luxury residential communities.

PRC is pleased to announce that is has secured $11.6 million in acquisition and renovation financing for 45360 Severn Way on behalf of a joint venture between affiliates of Altus Realty Partners and Perseus Realty Partners. Located along Route 28 in Sterling, VA, the property contains 125,000 SF of light manufacturing and warehouse space with a two-story office component. Altus Realty Partners' principals have been involved in the planning, design and construction of over 8 million SF of office, hotel and retail projects. The sponsors will renovate and improve the building by building out the main lobby and adding new entrances and loading docks, among other improvements.

PRC is pleased to announce that it has closed a $100 million acquisition and construction financing for 39 East 29th Street in New York, NY. The three-year floating rate non-recourse financing was obtained for the owner, a newly formed Spanish joint venture between ESPAIS Promocions Immobiliaries E.P.I. S.A. and Landscape Promocions Immobiliaries. Located in Manhattan’s coveted Park Avenue South neighborhood, the 140,595-square foot residential tower will house 132 luxury condominium units, with a mix of studio, one and two-bedroom units. Perseus Realty Capital was able to effectively source, secure and close the financing within four weeks of initial marketing.

PRC has closed the $24.7 million, five-year, fixed-rate refinancing for Twinbrook Square in Rockville, MD for JBG Rosenfeld Retail. The 93,000 square foot shopping center is one hundred percent leased to tenants including Bassett Furniture, Ethan Allen and Scan Furniture. Twinbrook Square maintains a premier location along Rockville Pike, adjacent to the Twinbrook Square Metrostation. Rob Rosenfeld of JBG Rosenfeld Retail said, “Perseus created tremendous competition for the Twinbrook financing and helped us secure the most capital with the greatest flexibility of terms.” JBG Rosenfeld Retail is a privately owned real estate company based in Chevy Chase, Maryland, specializing in retail and mixed-use development, leasing, investment and asset/property management throughout the mid-Atlantic region.

PRC is pleased to announce that it has secured $39.3 million in acquisition and renovation financing for Penn Station Shopping Center, in District Heights, MD. The sponsor is The Rappaport Companies, developers and managers of retail properties throughout the mid-Atlantic. Located at the main shopping intersection of Pennsylvania Avenue and Silver Hill Road, Penn Station enjoys prime positioning on one of the main arteries serving the city center. The 245,000-square foot community shopping center is shadow anchored by Safeway. Major tenants include Blockbuster, Radio Shack, Pizza Hut and Household Finance Corporation.

PRC is pleased to announce that it has secured $24.2 million of acquisition financing for 3300 75th Avenue for the sponsor, America’s Capital Partners. The facility fulfills a mission-critical Defense Intelligence Agency (DIA) contract. The single tenant, CACI International, manages the DIA’s Logistics Operations Center at the property. The 266,000-square foot flex industrial and office building was selected for its ideal location near DIA Headquarters at Bowling Air Force Base, and for its ability to be renovated and expanded in accordance with the DIA’s goals. America’s Capital Partners is a full-service development, leasing, management and investment firm headquartered in Miami, FL and Herndon, VA.

PRC is pleased to announce that it has secured $127.6 million in acquisition financing for Irvington Centre for America’s Capital Partners. The three building, Class-A trophy portfolio is located in King Farm, the premier planned community in Rockville, MD. The Irvington Centre buildings total 523,323 square feet, and are leased to a diversified tenant base, including GE, United Health Group and the law firm of Wolpoff & Abramson. Built between 1999 and 2002, the Irvington Centre is widely believed to possess some of the highest quality office assets in suburban Maryland. America’s Capital Partners is a Miami, FL and Herndon, VA-based development, leasing, management and investment firm.

PRC has successfully secured $100 million in ten-year, fixed-rate debt from MetLife for the refinancing of 700 Eleventh Street, a 302,000 SF Class A office building located at 700 Eleventh Street, NW in Washington, D.C. The sponsors are GM Asset Management and Hines Interests. The property enjoys a premier location in the middle of the East End submarket, only four blocks east of the White House. The property lies directly above Metro Center, the center of the Metrorail system in downtown Washington, D.C., providing tenants with unparalleled convenience and access to the entire Washington, D.C. metropolitan area. At street level, an extensively landscaped plaza is decorated with an eloquent fountain and features a series of welded bronze sculptures, creating a relaxed outdoor meeting place and a showcase for sophisticated public art. The property is leased almost entirely to Williams & Connolly LLP, widely regarded as the premier litigation firm in the country. The financing closed at the end of December 2005.

PRC has successfully secured a $184 million permanent financing for One Franklin Square, located at 1301 K Street NW in Washington, D.C. The sponsors are GM Asset Management and Hines Interests. With its majestic twin towers topped by 24-karat gold pinnacles, this 592,000 square foot trophy office building is considered to be a landmark of the Washington skyline. The property is prominently located in the East End along Franklin Park, the second-largest park in downtown Washington, only a few blocks from the White House. The property’s blue-chip tenants include IBM, PricewaterhouseCoopers, Xerox, and prestigious law firms Sonnenschein, Nath & Rosenthal, and Reed Smith LLP. Perseus Realty Capital secured $184 million in ten year, fixed-rate interest-only financing from MetLife, significantly lowering the property’s cost of capital and creating value for investors.

PRC has successfully closed first mortgage and joint venture equity financing for 2440 M Street NW in Washington, D.C. The sponsor is Perseus Realty, LLC, a Washington, D.C. based investor and developer. This premier 111,000 square foot medical office building is located only a few blocks from George Washington University Hospital, Georgetown Hospital, and Washington’s Central Business District, and is tenanted with an assortment of top doctors and specialists from the metropolitan Washington medical community. The investors will add significant value to the property through substantial renovations and by releasing the property to current market rents. Perseus Realty Capital secured $7.4 million in 90% equity financing from Westbrook Partners and $29.6 million in two year, interest-only first mortgage financing from Barclays. The investors plan to exit the deal in two to five years via a sale of the property. Perseus Realty Capital is an affiliate of the sponsor.

PRC has successfully closed acquisition and renovation financing for the Sheraton Meadowlands, a 427 room hotel and conferece cente, located in East Rutherford, NJ. The sponsor of the transaction is Buccini/Pollin Group, an experienced hotel owner and operator with over 2,500 hotel rooms in 15 hotels, and $1.2 billion in total assets under management. The transaction will add significant value to the property through the renovation and improvement of the rooms and common areas and by taking advantage of the resurgence of the Northern New Jersey and New York hotel markets. The property is prominently located adjacent to the Meadowlands sports complex, the home of several professional sports teams, including the New York Giants and New York Jets, and is only four miles from downtown Manhattan. Perseus Realty Capital has secured $56.3 million of four year floating rate renovation financing from Anglo Irish Bank.

PRCl has brokered acquisition and condominium conversion financing for Meridian at Courthouse Commons Phase III. The sponsor in the transaction is Monument Realty. Since its founding in 1998, Monument Realty has been one of the region's most active developers with a portfolio of over 5 million square feet of Class A office and retail space, 3,000 residential units and two luxury hotels. This 256-unit luxury apartment complex is located in Arlington, VA and only two miles from downtown Washington, D.C. and boasts a spectacular view of the world-famous Washington skyline. Perseus Realty Capital was able to maximize value for the sponsor by obtaining 90% LTC financing on the transaction through the placement of $90 million in floating rate loan proceeds.