| Thanks to a financial structure
arranged by Keenan Development,
ground lease and building lease
payments will be made to Walter
Reed Army Medical Center in the
form of in-kind services,
allowing the medical center to meet
many of its day-to-day operating and
facilities needs not attainable
through traditional
funding sources. |
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Located on the historic campus of the Walter
Reed Army Medical Center, a long-ago shuttered
and dormant asset is slated for much-needed
renovation. The building houses the historic
Sternberg Auditorium and Performing Arts
Center, once the focal point of many military
ceremonies, productions and gatherings.
Through a unique, first-of-its-kind Enhanced
Use Lease led by Keenan Development, the
240,000-square-foot facility will be converted
into a state-of-the-art, Class A office facility.
Keenan Development arranged the complete
financial package for this $54 million dollar
development. The project, to involve significant
historic renovation and new construction, is
made possible through alternative financing
based upon Federal Enhanced Use Leasing
authority.
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In addition, considerable value will be returned
to the Walter Reed Army Medical Center in the
form of in-kind services. This unique financial
structure allows the Medical Center to meet
many of its day-to-day operating and facilities
needs not attainable through traditional
Department of Army and Department of
Defense funding sources.
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