Branch Building Financing Deal Closes

WASHINGTON, DC-A financing deal has closed for 915 Rhode Island Ave., a 15,000-sf structure that is currently home to a new branch of Bank of America. CB Richard Ellis real estate banking division LJ Melody & Co. orchestrated the deal on behalf of property owner Douglas Development Corp.

Maury Zanoff of LJ Melody tells GlobeSt.com that the financing was for under $5 million. “Douglas Development took advantage of the current low Treasury rates and the aggressive capital markets cycle by implementing a 20-year fixed rate, self amortizing loan.”

Located halfway between the National Arboretum and Catholic University, the building at 915 Rhode Island Ave. was developed just about two months ago on the spot that once housed an Allstate Insurance service center. The new bank is just one of about 15 “new concept” properties Bank of America plans to erect in the Metropolitan Washington area by 2005.