Aubinoe Management Lands $40M Refi for DC-Area Community
Eastern Union arranged the loan, which was provided by Fannie Mae.
Aubinoe Management has secured a refinancing loan that will help update its 369-unit multifamily complex in Arlington, Va. Eastern Union’s David Merkin arranged the $39.7 million refinancing, which was provided by Fannie Mae. The 10-year loan comes with an interest rate equal to the 10-year Treasury bond rate plus 1.85 points and carries a three-year period of interest-only payments, according to Eastern Union.
Washington & Lee Apartments was built in 1948 and offers one- and two-bed units ranging from 750 to 936 square feet. The 313,578-square-foot residential complex has a community playground and totals 61 three-story garden-style apartment buildings that each have a laundry building.
Located at 2200 N. Second St., Washington & Lee Apartments is located less than five miles away from downtown Washington, D.C. and less than two miles away from Arlington, Va. Residents will be located right next to the area’s main thoroughfares, Arlington and Washington Boulevards that connect to Interstates 66 and 395.
More Developments in the D.C. Metro
Merkin, managing director at Eastern Union, noted the company was able to lock in a rate with Fannie Mae even though the deal wasn’t ready to close yet. Merkin told Multi-Housing News that the financing will be used to conduct routine updates to the units to improve efficiency, while some of the loan proceeds will go towards Aubinoe Management’s other projects in the Washington, D.C. metro.
Besides Washington & Lee Apartments, Aubinoe Management is also developing the 72-unit senior housing project called Mercury Apartments at Wildwood. The mixed-use community will also include 10,000 square feet of retail space and is expected to be completed in December 2025.
The company’s residential portfolio includes communities throughout the Washington, D.C. metro including in surrounding cities like Alexandria, Va. and Gaithersburg, Md. While Aubinoe Management’s residential portfolio totals 1,800 residential units, its overall portfolio also includes 300,000 square feet of retail space and 100,000 square feet of office space under management.