October 26, 2016
Capital One provided a $50.5 million, three-year floating rate loan to refinance the 310-unit Fenwick Apartments in Silver Springs, MD. The sponsor, a joint venture of Insight Property Group and BlackRock Realty Advisors, will use the loan to repay an existing construction loan on the asset.
The loan’s initial term is interest only, with two optional one-year extensions having amortization on a 30-year schedule, utilizing a 3% interest rate. “The investment firm is an established client, so when they contacted us we were happy to be able to provide the surety of execution that was required for this transaction,” said Seth Wiener with Capital One’s Commercial Real Estate Group.
Fenwick Apartments at 8616 Second Ave. was developed at a cost of $73 million. The six-story multifamily asset delivered in December 2014, and is 94% occupied.
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