$112 Million Construction/Permanent Loan Arranged by HFF Exclusively on Behalf of American Pharmacists Association

The Washington, D.C. office of HFF (Holliday Fenoglio Fowler, L.P.) has arranged a $112 million construction/permanent loan exclusively on behalf of American Pharmacists Association for the renovation of the historic Pope Building and the development of a new six-story office building totaling 244,422-square-feet in Washington, D.C.

HFF senior managing directors Bill Asbill and Bob Donhauser along with director Cary Abod placed a three-year construction and 10-year permanent loan with Hypo Real Estate Capital Corporation. The rate is 125 over LIBOR for half of the construction loan and the other half is a fixed-rate of 6.16%. The loan then converts to a permanent loan with a rate of 6.23% at the end of the three-year construction period. The American Pharmacists Association (APhA) is the first-established and largest professional association of pharmacists in the United States.

APhA has maintained its headquarters at 2215 Constitution Avenue, the site of the historic building designed by renowned architect John Russell Pope, since 1934. The Pope building will be renovated in conjunction with the development of the significantly expanded headquarters building at 2200 C Street. Upon completion in 2009, the new building will be fully occupied by the American Pharmacists Association and the U.S. Department of State.

“HFF was pleased that we were able to provide creative financing for both the renovation of the original building and construction of the new headquarters,” said Asbill. “This site is one of the most prominent and historic locations in downtown Washington, D.C. and the new building will become one of the trophy assets in the area.”

HFF (NYSE:HF) operates out of 18 offices nationwide and is a leading provider of commercial real estate and capital market services to the U.S. commercial real estate industry. HFF offers clients a fully integrated national capital markets platform including debt placement, investment sales, structured finance, private equity, note sale and note sales advisory services and commercial loan servicing.