Parkway Atrium office building in Herndon gets loan for recapitalization
NXT Capital, based out of Chicago, has provided a $22.3 million first mortgage loan to finance the recapitalization of Parkway Atrium, a 184,000-square-foot, Class-B office building in Herndon.
According to NXT, the property is centrally located near the Dulles Toll Road, Fairfax County Parkway, the Washington Beltway, Route 7 and I-66. It also offers access to Washington D.C.’s central business district and Dulles International Airport.
Historically, General Service Administration tenants have occupied the property. Going forward, the property will undergo extensive renovations to appeal to a wide variety of potential tenants.
Cary Abod and Robert Carey in the Washington D.C., office of Holiday Fenoglio Fowler LP placed the loan with NXT.
NXT Capital’s Real Estate Finance group primarily serves experienced real estate investors with non-recourse first mortgages of $10 million to $40 million for properties in major markets.