May 14, 2008
Monument Realty and CORUS BANK Announce $72,000,000 Loan
Chicago, IL – Corus Bankshares, Inc. (NASDAQ:CORS) announced on May 14, 2008 that its banking subsidiary, Corus Bank, closed a $72,000,000 loan on May 6, 2008 to MR BP Office #1, LLC (the “Borrower”), to finance the new construction of a nine-story Class A office building. The project is being developed by a joint venture between Monument Realty, and its investor partners MacFarlane Partners and Lehman Brothers. Monument Realty, one of Washington, D.C.’s most active real estate developers, has developed more than 5.2 million square feet of Class A office space, nearly 5,000 residential units, three luxury hotels, and the company currently has $2 billion in projects under construction and in development.
Located one block north of the newly constructed Washington Nationals ballpark stadium, the property is conveniently situated atop the Navy Yard Metro train station, which provides access throughout D.C., Maryland, and Virginia. The project will include 260,764 net rentable square feet of Class A office space, 13,153 net rentable square feet of retail space, and three levels of underground parking. A portion of the parking garage will be available for public use. The office building will be a part of Monument Realty’s “Half Street” project, which is planned to include additional retail, residential and hotel components.
In addition to the senior Loan with Corus, the Borrower closed simultaneously on a $12,000,000 mezzanine loan with Lehman Brothers. At the time of closing, the project was approximately 60% complete.
“This office building is just the first phase of Monument Realty’s million square foot vertical sub-division project in the Ballpark District. The nearly inextricable web of overlapping ownership interests and obligations among multiple owners in a vertical sub-division are always difficult to underwrite, but Monument was well prepared and a pleasure to work with. The company brings a resourceful and imaginative approach to the development business. This will be Corus Bank’s third office construction loan with Monument Realty in the Washington metropolitan area. Monument has consistently built high quality products in desirable locations which perform well. We are very pleased to be a part of this complex deal and hope to continue our strong relationship with Monument Realty,” said Dwight Frankfather, Corus Bank Senior Vice President.
CORUS BANKSHARES, Inc., a part of the NASDAQ Financial-100 Index and the KBW Regional Banking Index, is a one-bank holding company headquartered in Chicago, Illinois. Corus Bank, N.A., is an active lender nationwide, specializing in condominium construction, conversion, and inventory loans. Corus also provides financing for hotel, office, and apartment projects. Its outstanding commercial real estate loans and construction commitments total approximately $7.6 billion. Corus Bank and its holding company, Corus Bankshares, will hold loans of up to $165 million.
Located one block north of the newly constructed Washington Nationals ballpark stadium, the property is conveniently situated atop the Navy Yard Metro train station, which provides access throughout D.C., Maryland, and Virginia. The project will include 260,764 net rentable square feet of Class A office space, 13,153 net rentable square feet of retail space, and three levels of underground parking. A portion of the parking garage will be available for public use. The office building will be a part of Monument Realty’s “Half Street” project, which is planned to include additional retail, residential and hotel components.
In addition to the senior Loan with Corus, the Borrower closed simultaneously on a $12,000,000 mezzanine loan with Lehman Brothers. At the time of closing, the project was approximately 60% complete.
“This office building is just the first phase of Monument Realty’s million square foot vertical sub-division project in the Ballpark District. The nearly inextricable web of overlapping ownership interests and obligations among multiple owners in a vertical sub-division are always difficult to underwrite, but Monument was well prepared and a pleasure to work with. The company brings a resourceful and imaginative approach to the development business. This will be Corus Bank’s third office construction loan with Monument Realty in the Washington metropolitan area. Monument has consistently built high quality products in desirable locations which perform well. We are very pleased to be a part of this complex deal and hope to continue our strong relationship with Monument Realty,” said Dwight Frankfather, Corus Bank Senior Vice President.
CORUS BANKSHARES, Inc., a part of the NASDAQ Financial-100 Index and the KBW Regional Banking Index, is a one-bank holding company headquartered in Chicago, Illinois. Corus Bank, N.A., is an active lender nationwide, specializing in condominium construction, conversion, and inventory loans. Corus also provides financing for hotel, office, and apartment projects. Its outstanding commercial real estate loans and construction commitments total approximately $7.6 billion. Corus Bank and its holding company, Corus Bankshares, will hold loans of up to $165 million.
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