Bonaventure Realty Group (BRP) has secured a $78 million FHA refinancing loan for The Encore Apartments, a 461-unit community in Alexandria, Va. PGIM Real Estate provided the 35-year, fully amortizing, non-recourse, fixed-rate loan. The loan is also approved for green certification and lower mortgage insurance premiums through HUD’s Green MIP Program.
BRP will use the loan proceeds to recover costs incurred for capital improvements at the property. The Class A community was built between 1966 and 1968, while renovations to unit interiors and community amenities were completed in 2010.
The Encore Apartments is located at 2215 N Pickett St., and offers immediate access to Interstate 395. The community is situated in close proximity to shopping and dining and provides easy access to Washington, D.C., Reagan National Airport and public transportation.
“Using long-term, fully amortizing FHA financing to pay off a maturing Freddie Mac loan allowed the borrower to achieve their financing goals,” said Jason Miller, principal at PGIM Real Estate Finance, in prepared remarks.
Image courtesy of PGIM Real Estate