Silver Spring, Md.– Capital One has secured a $50.5 million, three-year floating-rate loan on behalf of Insight Property Group, its joint venture partner and a separate account client. A large institutional investment manager will use the financing to repay a construction loan on Fenwick Apartments, which broke ground in 2013.
Located twenty minutes from Washington, D.C., Fenwick Apartments is a six-story, Class A residence with pedestrian access to the Red Line commuter rail station, which provides a direct link to Union Station, the capital’s main transit hub. Of the 310 apartments, 39 are affordably priced, with 94 percent overall occupancy as of July 2016. The community’s common areas offer hotel-like amenities, complete with a cabana-clad pool deck, outdoor seating area with fire pit, club room, pool tables and entertainment lounge.
“The investment firm is an established client, so when they contacted us we were happy to be able to provide the surety of execution that was required for this transaction,” said New York City-based Seth Wiener, a vice president in Capital One’s Commercial Real Estate Group, in a statement. “Their team is easy to work with and very familiar with our process, all of which helped to make this process efficient.”
The loan, initially interest-only, includes options for two one-year extensions at a 3 percent interest rate on a 30-year amortization schedule.
Image courtesy of Fenwick Apartments