WASHINGTON, DC-Archstone has secured $151 million in constructing finance for a 469-unit apartment house in the District’s NoMa neighborhood. Located at 1st and M St., the class A project is scheduled to deliver in 2013.
The loan includes a 30-month construction period and 40-year, fully-amortizing permanent financing. Andrea McClure, senior vice president and Mid-Atlantic regional manager for CWCapital, structured the deal, which was financed through the firm's FHA platform. McClure says this is one of the largest HUD-insured multifamily construction loans that has ever closed.
FHA is filling a much-needed role in the multifamily finance space right now, says Michael Berman, president and CEO of CWCapital, as many banks are still on the sidelines or otherwise restricting credit criteria. "FHA is attracting high quality sponsors with high quality projects who have rarely, if ever, accessed this capital." Archstone says this was the first time it had tapped FHA financing.
Washington, DC multifamily projects have been quietly putting capital in place to begin developments. Marcus & Millichap’s Stacey Milam, a first vice president of investments and director of the firm’s National Multi-Housing Group in Washington, DC, told GlobeSt.com in an earlier interview that he had secured financing for multifamily and condo development deals in the hundreds of thousands of square feet range.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
