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.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information 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.
