Marine Engineers' Beneficial Association Secures $140 Million Loan From Goldman Sachs For Property In Washington DC

The property asset involved in this transaction is the eight-story Hall of the States building located at 400-444 North Capitol Street Northwest, Washington, DC. The Marine Engineers’ Beneficial Association (MEBA) has engaged in a significant financial maneuver to secure control over the ground lease associated with this office property, eliminating an annual obligation of $8.8 million.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $140,000,000
• Lender: Goldman Sachs
• Landlord: Marine Engineers’ Beneficial Association (MEBA)

This deal involved a mortgage secured by the Marine Engineers’ Beneficial Association (MEBA) through Goldman Sachs, representing a strategic financial decision to buy back the ground beneath their property. This action allows MEBA to eliminate a recurring financial obligation, impacting their long-term financial strategy.