WASHINGTON, D.C. – HFF announced today that it has arranged an $80.5 million refinancing for Allegro Residences (top left photo), a 297-unit, Class A multi-housing community in Washington, D.C.
HFF worked exclusively on behalf of Federal Capital Partners to secure the five-year, floating-rate loan through Aareal Capital Corp. Ownership used the loan proceeds to retire existing debt and make partnership distributions.
Allegro Residences is located at 3460 14th Street NW proximate to the Columbia Heights metro station in Washington, D.C. Completed in 2009, the property is 94 percent leased.
Community amenities include two interior courtyards, a lounge, athletic club and party room. Allegro Residences was selected by Delta Associates as the Most Innovate Design in 2009 and the 2010 Best Lease-Up Pace for a Washington, D.C. Apartment Community, with a monthly lease-up rate of 17 units.
The HFF team representing Federal Capital Partners was led by managing director Mark Remington (lower right photo).
“This transaction was aggressively bid on by the lending community, confirming the high quality of both the asset and the sponsorship. The result is a win-win situation…the lender generated an investment-grade earning asset on its books and Federal Capital Partners took advantage of the aggressive capital markets for multi-housing residential that exists today,” said Remington.
Federal Capital Partners (FCP) is a leading real estate private equity investment company based in Washington, D.C. Since its inception in 1999, FCP has invested more than $2 billion in residential and commercial assets.
Contacts:
Mark T. Remington, HFF Managing Director, (202) 533-2500
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500
No comments:
Post a Comment