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Transactions

NOAA Center for Weather and Climate Prediction, Riverdale, Maryland

  • 268,762 SF Class-A, four-story build-to-suit headquarters facility with five-story, 697 space parking structure for the General Services Administration on behalf of NOAA in Riverdale, Maryland. Upon completion in spring 2012, this NOAA headquarters building will be the centerpiece of the largest planned research park in the National Capital Region. The property is subject to a 55-year ground lease with the University of Maryland.
  • $71,525,305 construction and permanent financing for 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; financing consists of two tranches of Lease-Backed Secured Notes for purchase of note and completion of project.
  • The Tranche A Notes ($40,847,715) fully amortize during the initial 13-year firm term of the lease, while the Tranche B Notes ($30,677,590) pay interest only during the firm term and begin to amortize during the first 10-year renewal period.
  • Uninsured balloon comprises 43% of total proceeds.
  • Both Tranche A and B notes will be equally and ratably secured by a first lien on the property granted in favor of the indenture trustee.
  • The Government has purchase option for improvements at the end of the first renewal period.
  • The Notes were issued to Institutional Investors in the private placement market and are payable from rental income of the project.
  • Targeting LEED Gold certification from U.S. Green Building Council; ENERGY STAR certification received from U.S. Environmental Protection Agency.

 

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