HFF advises on $39.4 million equity and debt capitalization for Washington, D.C. multi-housing community

J. Brenden Flood

WASHINGTON, D.C. – HFF announced it has advised on the equity and debt capitalization totaling $39.4 million for the acquisition of Wingate Apartments, a 714-unit high-rise and garden-style multi-family housing community in southwest Washington, D.C.

                HFF, working on behalf of the borrower, CIH Ventures, Inc., which took assignment of the tenants’ rights through the District’s Tenant Opportunity to Purchase Act, placed a $27.6 million, 10-year loan with M&T Bank (Fannie Mae) along with $8.5 million in equity through The Zitelman Group, $1.8 million from CIH principals, and $1.5 million from a CIH private syndicate.

                Wingate Apartments is located at 4660 Martin Luther King Jr. Ave SW, minutes from I-295, Nationals Stadium and National Harbor. The property is about 15 minutes from Washington, D.C.’s central business district. 

The fully gated-community is comprised of the Vista at Wingate, 385 units situated in three 10-story high-rise buildings, and the Gardens at Wingate (previously known as Enclave Park Apartments), 329 units configured in garden-style apartments.

Cary Abod

 The Wingate sits on more than 21 acres of land on a bluff overlooking the Potomac River.  With recent extensive and comprehensive renovations, the property has been totally refurbished.

 It offers a mix of units that range from studios to five-bedroom apartments.  Community amenities include 24-hour security, two swimming pools, a community room, numerous laundry facilities and tot lots.

                The HFF team representing the borrower was led by director J. Brenden Flood, managing director Cary Abod, senior managing directors Alan Davis and Dave Nachison and associate director Bret Thompson.

Since its inception 40 years ago, CIH Ventures, Inc. has developed an extensive expertise in all aspects of residential real estate acquisition, development, financing, management, and long term investment in the Washington DC metropolitan area. Today CIH focuses on meeting the needs of the market and using detailed operational and physical management to produce a “product without compromise” for sustainable workforce housing in the area.

For a complete copy of the company’s news release, please contact:

Kristen M. Murphy

Associate Director

HFF | One Post Office Square, Suite 3500 | Boston, MA 02109

tel (main) 617-338-0990 | (direct) 617-848-1572 | cel 617.543.4873 | www.hfflp.com

krmurphy@hfflp.com