FAIRFAX, VA—Financial details have emerged about Grosvenor Americas' acquisition last month of Avalon Fair Oaks, the company's first multifamily deal in the region. The 491-unit community traded for $108.2 million or $220,367 per unit.
Capital One Multifamily Finance secured a $70 million Fannie Mae fixed loan for the acquisition of the property, which has been renamed Wheelhouse of Fair Oaks. Sadhvi Subramanian and Brian Gormley, senior vice presidents in Capital One Commercial Real Estate's Washington, DC office, originated the transaction.
The fixed-rate loan has a five-year term, five years of interest-only payments, three years of yield maintenance, and 30-years amortization payable on an actual/360 basis.
Grosvenor had secured two loans for office complexes through Capital One prior to this transaction, Subramanian said.
A Class B property constructed in 1987, Wheelhouse of Fair Oaks is poised for improvements that Grosvenor plans to make. It plans to upgrade the public spaces as well as the units as they turn over.
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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.
