Avison Young’s Debt and Equity Finance Team arranges refinancing on behalf of Stewart Investment Partners and Chestnut Funds

MCLEAN, Va. – Avison Young’s Debt and Equity Finance Team announced today that it has arranged a $20 million loan to refinance the medical office building in the heart of downtown McLean, Va.

Avison Young arranged the financing for the 47,000-square-foot medical office building located at 1420 Beverly Road. The property’s owner, a partnership between Stewart Investment Partners and Chestnut Funds, recently upgraded the building, transforming it from a general office building into the premier medical office building in the submarket.

Jon Goldstein, a Principal at Avison Young, led the team representing the owner, with Mike Yavinsky and Wes Boatwright, also Principals at the firm. The financing was provided by a local bank. 

“Ownership flawlessly executed their business plan by substantially upgrading the property and getting it stabilized in a short period of time. This refinancing opportunity was extremely attractive to lenders due to the high quality of the property, credit-worthy tenancy and the excellent location,” Goldstein said. “We were very pleased with the financing terms we were able to secure.”

The three-floor building, constructed in 1985, underwent major renovations that were completed in 2021. Improvements included outfitting the atrium lobby, corridors, elevators, and restrooms with high-end finishes,  as well as adding energy-efficient lighting and modernizing the parking garage.

Ideally located near the intersection of Rt. 123 and Old Dominion Drive, the property offers easy access to I-495, I-66 and the Dulles Toll Road.