Roadside Development Lands $128M Loan for Washington, DC Asset
- Apr 09, 2021
Roadside Development has secured $128 million in HUD financing for City Market at O Street in Washington, D.C.’s Logan Circle-West Mount Vernon submarket.
The loan, originated by Dwight Capital, is the largest to date under HUD’s 223(a)(7) multifamily program. The asset was completed in 2014 and is managed by Bozzuto. It consists of 400 apartments in two, nine-story buildings, a ground-floor Giant supermarket, a three-level parking garage and five retail offerings.
Developers preserved the historic D.C. landmark The O Street Market, incorporating the structure into the project. The residential component of City Market at O Street comprises studio, one-, two- and three-bedroom units.
Amenities include a 24-hour concierge, electric vehicle charging stations, a resort-style fitness center, secure package storage, a pool, a dog park and a rooftop deck with a fire pit and barbecue grills. Apartments feature stainless steel appliances, a full-size washer and dryer, distressed wood flooring and optional private balconies.
The property is conveniently located near two Metro stations—less than a half-mile away—and a mere 1.21 miles from D.C.’s Union Station, as well as 4 miles from Ronald Reagan Washington National Airport. Two shopping malls are within 1 mile of the property, along with other shopping and dining options.
Josh Sasouness and Brandon Baksh originated the transaction. Dwight Capital also originated the asset’s previous loan. The company reduced the borrower’s interest rate by 145 basis points and extended the loan term and amortization period to its initial 40-year term.
Last month, Dwight Capital secured financing for Cabrillo Apartments in Nevada’s Spring Valley West submarket.