ALEXANDRIA, VA-Bonaventure Realty Group has secured a loan for $80.5 million from Freddie Mac for a multifamily asset it owns here. Prudential Mortgage Capital Co.’s Jason Miller helped arrange the financing through its Freddie Mac Program Plus Lending program. Prudential was unable to return a call to GlobeSt.com in time for publication.
The seven-year, fixed-rate refinancing is for the Encore, a 461-unit property that was originally constructed in 1967 and located at 4619 Seminary Rd. Bonaventure acquired it in 2005 and gave it a major renovation five years later.
The company expects it will now benefit from the opening of the Mark Center, a building under development that will house several US Department of Defense agencies and bring 6,000 jobs to the submarket.
Freddie Mac, and its sister GSE Fannie Mae, is facing an uncertain future. However, as this transaction shows, they are still active players in the multifamily space.
Recently, Freddie Mac closed one of its largest loans in this area for the year: a $328 million package secured by Centerline Capital Group on behalf of DP Portfolio Investors, a joint venture between affiliates of Pantzer Properties and Dune Real Estate Partners. The companies acquired an eight-asset portfolio in the DC area earlier this year for $460 million.
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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.
