Marcus & Millichap Capital Corporation (MMCC), a leading provider of commercial real estate capital markets financing solutions, arranged $10,552,000 for the refinancing of a multifamily property located in Southeast Washington, D.C.
Jared Cassidy, first vice president, capital markets, based out of MMCC’s Washington, D.C. office, arranged the financing.
“The financing was provided by M&T Realty Capital as part of our ongoing strategic alliance,” shared Cassidy. “There was strong lender interest in the deal, especially considering the ongoing need and demand for affordable housing in DC. Despite facing numerous headwinds with current volatility in the debt markets, M&T ultimately delivered the most aggressive quote to the sponsors, who have a long history of success in developing and operating affordable properties in the Washington, DC area.”
Constructed in 1954 and renovated throughout 2017 and 2018, the 111-unit property sits on over two acres and features a split between HAP Contract units and units governed by DC Rent Control regulations or are occupied by DC Housing Choice Voucher Program tenants.
Terms of the 10-year loan include 24 months of I/O, an interest rate of 5.67%, 30-year amortization and a 68% LTV.
