DC Community Scores $140M

Washington, D.C.—New York Life Real Estate Investors has provided $140 million in financing for the leasehold interest in The Apartments at CityCenterDC, a 458-unit, Class A apartment community located in Washington, D.C., on behalf of institutional investors.

The fixed rate loan has a term of 10 years.

“CityCenterDC creates a unique, pedestrian-friendly mixed-used urban neighborhood located in the heart of downtown Washington, D.C.,” David Li, New York Life Real Estate Investors’ senior director, said. “We are pleased to add such an excellent quality property to our commercial mortgage portfolio.”

The property is part of a mixed-use development by Hines and Qatari Diar on the site of the former Washington Convention Center.

“This loan represents the type of collateral we seek to have within our commercial loan portfolio,” Eric Becher, senior director and head of New York Life Real Estate Investors’ Northeast Regional Office, said. “In addition, this transaction further expands our long standing relationship with Hines, the project’s master developer.”

CityCenterDC offers 57 unique floor plans featuring spacious studio, one-bedroom, one-bedroom and den, two-bedroom, two-bedroom and den, and three-bedroom units containing open-plan kitchens with stainless steel appliances, quartz countertops, glass backsplashes, European-style cabinets and islands. Units also feature dramatic floor-to-ceiling windows with unparalleled views of downtown Eco-friendly bamboo flooring.

Amenities include a 3,200-square-foot, two-story fitness center featuring LifeFitness Elevation Series cardio and Signature Series weight equipment as well as a group class/yoga studio.

New York Life Real Estate Investors currently has more than $45.8 billion in assets under management.