Mesirow, an independent, employee-owned financial services firm, recently led the $275 million financing of NASA’s Washington, D.C. headquarters at 300 E Street S.W. The property is owned by Hana Alternative Asset Management and managed by Ocean West Capital Partners. Proceeds from the financing provided the partnership with attractive fixed-rate pricing on debt to be repaid on an interest-only basis until the loan’s 2028 maturity date (co-terminus with NASA’s lease). Through this financing, the partnership recapitalized its equity interest in the property and effectively monetized what is currently the sixth largest Government Services Administration lease in the country.
“We evaluated a variety of financing alternatives for this asset, and the approach and creativity offered by Mesirow were unique and far superior to other options. In a tough market, Mesirow delivered on their initial guidance,” said Russ Allegrette, CEO of Ocean West Capital Partners.
“Executing in today’s debt markets presents a degree of challenge that we are proud to have met through close partnership and collaboration across several unique facets of the Mesirow franchise, including our muni desk and the more traditional CRE fixed income sales and trading channels,” said Nat Sager, president of Mesirow Capital Markets. “We are extremely pleased by the end result and the satisfaction it provided to the client and our institutional fixed income investors.”
Mesirow served as placement agent and administrative agent on the financing. Cushman & Wakefield also served as advisor to the borrower in shaping the loan request and brokering the ultimate engagement with Mesirow.
