FAIRFAX, VA-Even if multifamily finance shows signs--slight, albeit worrisome signs--of pulling back from the DC area market, deals are still getting done currently. For the moment, at least, the DC area multifamily market is still attracting institutional investors eager to share in the region's fundamentals.
The latest example is TIAA-CREF's $86.8 million in acquisition financing for Monument Park, a 460-unit, class A multi-housing community here. HFF helped secure the financing on behalf of a private real estate fund advised by Crow Holdings Capital Partners. It is a 10-year fixed rate loan.
Monument Park is situated on 17.05 acres and consists of one-, two- and three-bedroom units averaging 1,014 square feet each. HFF's Whitaker Johnson, Andy Scott and Cary Abod arranged the loan.
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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.
