Pillar Secures Co-Op Loan for DC Community

The 273-unit mid-century asset received $14 million in refinancing via a fixed-rate Fannie Mae cooperative loan with a 30-year amortization schedule.

SunTrust Bank’s division, Pillar, originated a $14 million loan for the refinancing of The Potomac Plaza Apartments Cooperative, a 273-unit community located in the Foggy Bottom neighborhood of Washington, D.C. Pillar’s Vice President Cullen O’Grady originated the fixed-rate 30-year term Fannie Mae cooperative loan that has a 30-year amortization schedule. 

Cooperative financing is very attractive to Fannie Mae, as it presents a very low-leverage risk opportunity. For the borrower, it allows payments spread over a 30-year term,” O’Grady said in prepared remarks. “The loan allows them to continue their capital renovations project on this magnificent and exceptionally located property.

Property Features a Green Roof 

Located at 2475 Virginia Ave. N.W., the mid-century residential building offers studios, one-, two- and three-bedroom floor plans ranging from 642 to 1,612 square feet. At least 80 percent of the apartments are owner-occupied. Community amenities include 24/7 maintenance office, upgraded fitness center and laundry facilities, secure storage lockers for each unit, community room and rooftop terrace. Additionally, the community also incorporates a green roof that helps absorb rainwater, provides insulation and lowers urban air temperatures.

The building is conveniently located two blocks away from the Foggy Bottom/George Washington University Metro Station, across from the historic Watergate Complex and Kennedy Center for The Performing Arts. Additionally, the property is in the vicinity of George Washington University Hospital and Potomac Plaza.

Images courtesy of potomacplaza.org