DEAL OF THE DAY: Alliant Capital Closes $8.2M Supplemental Apartment Loan

By Anuradha Kher, Online News EditorHyattsville, Md.–Alliant Capital closed a $8,289,500 second loan, collateralized by the Avondale Overlook Apartments, a 247-unit high-rise apartment complex in Hyattsville, Md.The 13-story building, built in 1966, has been substantially renovated and the new loan is being used to pay back the equity partners who bore the cost of the renovation.Renovations included replacement of the roof, elevator cars and equipment, fire alarm system, exit signs, and selected building entry doors. Exterior brick veneer has been tuck pointed, exterior concrete pilasters and upper-floor concrete decks were repaired as required, and new railings have been installed. 193 units have been renovated, including replacement of plumbing and electrical fixtures, cabinets and countertops, flooring, doors, appliances and HVAC units.The building features studios, one-, two and three-bedroom apartments, ranging in rent from $984 to $1,800. The property is located just over a mile from Washington, D.C., about a mile south of the University of Maryland’s main campus, and is served by a well-developed public transit system.“For many years as sprawling growth and changing commercial centers followed the new freeways to the outer suburbs, this area was left behind,” Jay Blasberg, senior vice president of Alliant Capital, tells MHN. “But a renewed interest in smarter development has once again focused attention on inner suburbs as areas for strategic investment. The city of Hyattsville recognizes that it stands at the threshold of a resurgence and has begun a major facelift that will improve the quality of life for its residents, both current and future.”