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| 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.
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| 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
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