Monday, October 22, 2012

HFF arranges $92.6 million financing for luxury multi-housing community in, D.C.’s Mount Vernon Triangle


 

MassCourt Apartments, Washington, DC
 WASHINGTON, D.C. – HFF announced today that it has arranged $92.6 million in financing for MassCourt East End, a 371-unit luxury multi-housing community in the Mount Vernon Triangle neighborhood of Washington, D.C.

                HFF worked on behalf of the borrower, TIAA-CREF, to secure the 2.88 percent, fixed-rate loan through M&T Realty Capital Corporation (Fannie Mae).  Loan proceeds were used to acquire the property.


Kevin MacKenzie
MassCourt East End is located at 300 Massachusetts Avenue adjacent to Interstate 395 and within walking distance of three Metro-Rail stations (Judiciary Square, Gallery Place and Union Station).  

Completed in 2004, the 96 percent leased property has studio, one- and two-bedroom units averaging 836 square feet each.  Residents have access to a rooftop lounge with cabanas, yoga and aerobics studio, fitness center, clubroom, and rooftop pool and hot tub. 

An on-site parking garage provides parking for 309 vehicles.  MassCourt East End also features two ground-floor retail tenants, Spring-Glo Dry Cleaning and The Carving Room.

Cary Abod
The HFF team representing TIAA-CREF was led by senior managing director Kevin MacKenzie and managing director Cary Abod.

“This is a great case study on the type of financing that can be achieved through the right process, with strong sponsorship and high-quality assets,” said MacKenzie.

TIAA-CREF (www.tiaa-cref.org) is a national financial services organization with $481 billion in assets under management (as of 6/30/12) and is the leading provider of retirement services in the academic, research, medical and cultural fields.

Contact:

Kristen M. Murphy
Associate Director
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3500 | cel 617.543.4873 | fax 713.527.8725 | www.hfflp.com

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