Societe Generale Group Provides $60.5M Acquisition Loan for Herndon Office Property
Fred Arena of Vision Properties secures $60.5M acquisition loan from Societe Generale Group for 13820 Sunrise Valley Drive in Herndon, VA.
Fred Arena of Vision Properties has secured a $60.5M acquisition loan from Societe Generale Group for 13820 Sunrise Valley Drive, an office property in Herndon, VA. The loan was arranged by Brad Domenico of Progress Capital, who served as the broker for the deal.
The property, located in the Herndon submarket of Northern Virginia, is a Class A office building with approximately 190,000 square feet of rentable space. The building was constructed in 2001 and features modern amenities such as a fitness center, conference facilities, and on-site parking.
Societe Generale Group, a French multinational investment bank and financial services company, provided the loan to Arena’s Vision Properties. The loan has a term of 10 years and a fixed interest rate of 3.75%.
Arena, a real estate investor and developer based in New York, acquired the property from an undisclosed seller. The acquisition was financed with the Societe Generale loan and an additional $15.5M in equity from Arena.
The Herndon submarket has seen strong demand for office space in recent years, driven by its proximity to Dulles International Airport and the expansion of technology companies in the area. The vacancy rate for Class A office space in Herndon was 11.5% in Q4 2022, according to commercial real estate services firm JLL.
Brad Domenico, the broker for the deal, said that the property’s location and quality made it an attractive investment opportunity. “13820 Sunrise Valley Drive is a well-located, high-quality asset in a strong submarket,” he said. “We were able to secure favorable financing terms from Societe Generale Group, which allowed Fred Arena to acquire the property at a competitive price.”