GFI Realty Services secures $21 million financing

Washington, DC GFI Realty Services, LLC has secured $21 million of long-term, fixed-rate financing for Robert Elliot on behalf of a retail and office complex located in the Georgetown neighborhood. The financing was arranged in two separate transactions, the latter of which closed in late January. GFI Realty’s finance group, which is led by Daniel Lerer and Will Watkins, secured the loans from an Indianapolis-based life insurance company.

Located at 3251 Prospect St. NW and 3222 North St. NW, the properties comprise 42,500 s/f of retail space and an additional 12,000 s/f of office space.

The properties, which have full occupancy, are leased to a range of high-profile tenants, including Cafe Milano, an Italian restaurant.

“Our execution of this deal exemplifies our ability to simplify complicated transactions and explain their value to capital providers,” said Lerer. “Because of the nature of some of the leases, projecting the asset’s cash flow was challenging, in terms of both expenses and retail income. To combat this, we created an extremely robust model that accounted for the range of variables and demonstrated the asset’s stability. Ultimately, even with the property’s low debt yield we were able to secure an excellent financing package with a life insurance company.”

GFI Realty Services, LLC imparts strategic and comprehensive solutions to maximize the value of real estate assets. Offering a wide array of brokerage services including investment sales, commercial real estate financing and retail leasing, GFI Realty Services, LLC utilizes its affiliate companies’ fully-integrated platform to provide owners, buyers, landlords and tenants nationwide with the market knowledge and due diligence required to consummate multifaceted transactions.

The company’s extensive knowledge of the commercial real estate industry, advanced analytical capabilities and incomparable client services position its executives as masters at executing off market and complex deals that require the most innovative solutions.