PCCP, LLC Provides $23.2 Million Senior Loan Commitment for Acquisition and Re-Development Financing of Office Condominium in Washington, D.C.

WASHINGTON, D.C. – June 6, 2011 – (RealEstateRama) — PCCP, LLC has announced that it has provided a $23.2 million senior loan commitment for the acquisition and re?development financing of 2055 L Street, NW, a Class B+ office condominium located in the “Golden Triangle” of Washington D.C.’s CBD. The borrower/property owner is a joint venture between Monument Realty and Angelo Gordon & Co. which acquired the asset in December 2010. With this loan in place, the joint venture will now commence a six-month rehabilitation to the owned 102,000 square foot condominium office portion of the 237,000 square foot building.