Financing Closes for Flex Acquisition

ASHBURN, VA-A joint venture involving Minshall Stewart Properties and an unnamed Philadelphia institutional real estate fund has won financing in the sum of $11.4 million toward its $12.5-million acquisition of the 124,700-sf, two-building flex/industrial park. The sites are located at 21330 and 21580 Beaumeade Circle.

John B. Levy & Co. orchestrated the transaction for the borrower and invested its own proprietary funds in the deal, as well. The funds came in the form of a highly structured, floating-rate loan with a three-year term.

The Beaumeade buildings occupy a parcel totaling just over 10 acres between Washington Dulles International Airport and the 1.4 million-sf Dulles Town Center shopping mall where Rte. 28 connects and ends with Rte. 7 in Loudoun County. This property is located in one of the fastest growing markets on the East Coast, says John B. Levy & Co. president John B. Levy. While the market has been through its share of difficult in the past three years, leasing activity is very strong and the upside potential is evident.