Summit I & II
2000 & 2002 Edmund Halley Drive, Reston, VA 20191
This investment represents a first mortgage commitment of up to $58.75 million for the acquisition of the two six-story Summit I & II office buildings. Summit I & II is located at 2000 and 2002 Edmund Halley Drive in Reston, Virginia and has a combined square footage of 288,365. The borrower is purchasing the asset with a plan to make major renovations and re-lease the buildings over a two-year period.
KBS REIT II provided initial funding of $40.31 million for the acquisition of Summit I & II office buildings. An additional $6.55 million was funded and placed in escrow for operating shortfalls, including debt servicing. The remaining $11.89 million, upon the satisfaction of certain conditions, will be made available during the first 18 months of the loan term to reimburse the borrower for capital improvements made to the property.
The borrower invested approximately $11.7 million in Summit I & II and provided a guarantee that it will fund no less than $19.63 million for renovations, carry and lease-up.
Investment at a Glance
Location: Reston, Virginia
Property Type: Office
Investment Type: First Mortgage
Acquisition Date: January 17, 2012
Total Loan Amount: $58,750,000
Initial Loan-to-Value: 79.4%
Loan Term: 5 Years
Sale Date: August 4, 2015
Sale Price: $58,272,000
No. of Buildings: 2
No. of Stories: 6
Square Footage: 288,365