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| 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.
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| 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.
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| 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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