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January 2012 - Bostonia Closes on $71,525,000 GSA Credit Tenant Lease Transaction for NOAA.

Bostonia recently closed on a $71,525,000 construction and permanent financing for the simultaneous purchase of First Mortgage note out of bankruptcy and Credit Tenant Lease transaction for the GSA on behalf of the National Oceanic and Atmospheric Administration. The transaction is structured in two tranches of Lease-Backed Secured Notes for the purchase of the First Mortgage Note and completion of the project. The Tranche A Notes ($40,847,715) will fully amortize during the initial 13-year firm term of the lease, while the Tranche B Notes ($30,677,590) will pay interest only during the firm term and begin amortizing during the first 10-year renewal period. Both notes are equally and ratably secured by a first lien on the property granted in favor of the indenture trustee. The notes were privately placed with Institutional Investors and are payable based on rental income from the project. The property is subject to a 55-year ground lease with the University of Maryland and the Government has the option to purchase the improvements at the end of the first renewal period.  

Upon completion in spring 2012, the 268,762 SF build-to-suit facility in Riverdale, Maryland will serve as the headquarters for the NOAA Center for Weather & Climate Prediction (NCWCP) and will be the centerpiece of the largest planned research park in the National Capital Region. As the focal point for ocean and atmospheric forecasts in the U.S., including weather and hurricanes, nearly all the meteorological data collected globally will arrive to the center for analysis by NOAA's environmental scientists. Locating the facility adjacent to the University of Maryland fosters synergy between NOAA scientists and forecasters and the university's faculty and staff.

Sustainability was a driving force in the design of the NCWCP. Given its mission, which includes environmental and energy conservation, NOAA wanted to ensure environmental and energy performance were addressed in the design and operation of the building. With its expected small environmental footprint, the center will be well-integrated into the surrounding woods and parkland. The center has achieved ENERGY STAR certification from the U.S. Environmental Protection Agency and is on target for LEED Gold certification from the U.S. Green Building Council.

For additional information on this transaction, please contact Josh Evans, Director at 617-226-8112 or jevans@bostonia.com.            

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