WASHINGTON, DC-The Onyx on First apartment building here has changed hands in a deal valued at $53 million.
Capital One Bank reports it provided a $53-million, five-year term loan to unnamed institutional investors advised by J.P. Morgan Asset Management–Global Real Assets to finance the acquisition of the Onyx on First apartment building.
The 266-unit property located in the Navy Yard District was completed in 2009. Among its amenities include a 360-degree rooftop terrace and pool, a state-of-the-art fitness center, a resident clubroom, a courtyard and a four-level secured entrance parking garage.
“We are pleased to help J.P. Morgan Asset Management’s clients acquire Onyx on First, a state-of-the-art, full-service community in a vibrant neighborhood,” states James Partridge, senior vice president, commercial real estate, Capital One Bank. “We look forward to building our relationship with them as they continue to expand their portfolio across the country.”
“Capital One Bank showed great flexibility in the financing, helping us complete this purchase on a timely basis,” adds Mike Kelly, head of debt capital markets at J.P. Morgan Asset Management. “Onyx on First is a premier property in an area with strong growth potential, and fits well in our client’s investment portfolio.”