PCCP Provides $34.13MM Senior Loan for the Acquisition and Lease-Up of Office Property in Rockville, MD
New York, NY, January 7, 2016 – PCCP, LLC announced today that it has provided a $34.13 million senior loan to an affiliate of Marcus Capital Partners Fund II, LP for the acquisition and lease-up of Park Plaza I & II, a 264,285 square foot Class A office campus located in Rockville, MD.
Park Plaza I & II share a structured parking deck and mirror each other with a common courtyard dividing the campus. Park Plaza I was developed in 1991, totals 137,329 square feet and is currently 80 percent leased to 13 tenants, the largest of which include Northrop Grumman and Monument Bank. Over the past three years, $2.8 million in capital improvements has been invested in the property including an updated lobby, renovated bathrooms, and a state of the art fitness center.