Corporate Housing Trades for $132M With Eye On Conversion
Insight Property Group secured $100 million in acquisition financing via Berkadia.
FALLS CHURCH, VA–Virginia-based Insight Property Group has acquired Oakwood Falls Church for $132 million. The 576-unit high rise was sold by a Los Angeles-based partnership that built the property in 1974.
Berkadia both arranged the sale and secured the financing for the transaction. Scott Melnick, Jeff Coles, Adam Preski and Ken Bickel arranged the sale on behalf of the seller and John Reed and Jonathan Pratt secured $100.26 million in refinancing for the buyer.
Currently Oakwood Falls Church is a corporate apartment but Insight plans to turn it into a market rate multifamily property.
Berkadia collected several debt quotes from a variety of lending sources. Ultimately Citizens National Bank provided the non-recourse three-year, floating-rate bridge loan, which will be used to reposition the property. One reason it was selected was that it understood how property would be able to maintain performance during its conversion, according to Reed.
Oakwood Falls Church is located at 501 Roosevelt Blvd.