Taxable Term Loan
Wye River Group Served as NAB’s Independent Financial Advisor for this Transaction.
NAB sought financing of $50 million to augment approximately $47.5 million in NAB funds to purchase and build out a new headquarters building located at 1M Street, S.E. in Washington, DC. NAB’s new 10-story building contains 119,000 of useable square feet plus an underground parking garage containing 120 spaces. NAB will occupy approximately 67,000 square feet (five floors) of office space in the building and will lease the remaining 47,000 square feet of office space (four floors) as well as retail space located on the first floor.
The financing was structured as a fixed rate taxable loan with SunTrust Bank. NAB was able to take full advantage of the very favorable market conditions that existed at the time of its financing in September 2019 and secured a 20 year fixed rate as well south of 3% (on a taxable basis!).