SILVER SPRING, MD-A little more than year after its delivery, Washington Property Co. has secured permanent financing for its 295-unit luxury apartment building here. ING Investment Management LLC is providing a $75 million, 20-year loan for the Solaire-Metro, which is located at 1150 Ripley St. and is about 95% leased.

Walker & Dunlop and Sage Capital represented WPC in the transaction.

The WPC loan reflects a welcome story line in the commercial real estate industry these days—financing is getting easier. Earlier this month, Chandan Economics reported that commercial real estate lending by banks registered a net increase of $18.5 billion during the second quarter--the second-largest improvement since the financial crisis.

More specifically for WPC's $75 million permanent financing, Chandan Economics also found that banks' net lending on multifamily properties increased by $7.4 billion during the quarter. Net lending on commercial properties increased by $11.1 billion and net lending on income-producing commercial properties increased by $9 billion.

The financing will also, no doubt, be a boost for WPC as it works on its one-million-square foot residential development pipeline. In May, Washington Property Co. acquired three contiguous developable land parcels in Silver Spring primed for development. The parcels total some 28,000 square feet, sold by Bethel World Outreach Ministries International.

WPC also was selected by Montgomery County to redevelop the Shepherd's Table/Progress Place parcel, also in Silver Spring. The expanded facility will offer services to Silver Spring's low-income and homeless population. It would also include a second Solaire-Metro residential tower with approximately 380 luxury apartments. This parcel is just south of WPC's Solaire-Metro apartment complex.

Also, last year, WPC began construction of Solaire-Wheaton, a 232-unit luxury apartment two blocks from the Wheaton Metro station on the site of the former First Baptist Church of Wheaton.