May 15, 2020
M&T Realty Capital Corp. has provided a $51.2 million Freddie Mac loan to refinance The Elms at Arcola, a 248-unit apartment property in Dulles.
The property is 30 miles west of downtown Washington D.C., and features one, two and three-bedroom floor plans. Amenities include a pool with sundeck, gym, yoga room, cyber café and a community garden. Legend Management Group has been tapped to manage the property.
The borrower, Elm Street Development, delivered the community in 2016. Terms of the financing included a 10-year, fixed-rate loan with five years of interest-only payments and a 30-year amortization schedule.
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