WASHINGTON, DC—Calvin Cafritz Enterprises hassecured a $60.5 million construction perm loanfrom Northwestern Mutual Life Insurance Co., forthe development of a luxury apartment building at 5333Connecticut Ave. Cassidy Turley's PhilipMudd and Bradley Geiger secured thelong-term, fixed-rate financing for the nine-story 263-unitproject, which is currently under construction.


There was a bit of competition for the loan from a variety oflenders including banks and other life companies, Mudd tellsGlobeSt.com, which is more notable than usual as lenders havestarted to pull back slightly from multifamily spec projects unlessthey are in top locations, which this project is. "There are not alot of sites on Connecticut Ave where you can put 263 units." Thereis lending available for non-speculative deals, he adds, but ingeneral the environment is a bit tighter now compared to lastyear.


Calvin Cafritz Enterprises assembled the 16,230 square foot sitefor this project approximately 20 years ago.


Building amenities will include a roof penthouse, pool, outdoorkitchen, outdoor fireplaces, a dog walk area, and a privatecourtyard. There are two floors of below-grade parking whichcontain 173 parking spaces.

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