WASHINGTON, DC—Calvin Cafritz Enterprises has secured a $60.5 million construction perm loan from Northwestern Mutual Life Insurance Co., for the development of a luxury apartment building at 5333 Connecticut Ave. Cassidy Turley's Philip Mudd and Bradley Geiger secured the long-term, fixed-rate financing for the nine-story 263-unit project, which is currently under construction.
There was a bit of competition for the loan from a variety of lenders including banks and other life companies, Mudd tells GlobeSt.com, which is more notable than usual as lenders have started to pull back slightly from multifamily spec projects unless they are in top locations, which this project is. "There are not a lot of sites on Connecticut Ave where you can put 263 units." There is lending available for non-speculative deals, he adds, but in general the environment is a bit tighter now compared to last year.
Calvin Cafritz Enterprises assembled the 16,230 square foot site for this project approximately 20 years ago.
Building amenities will include a roof penthouse, pool, outdoor kitchen, outdoor fireplaces, a dog walk area, and a private courtyard. There are two floors of below-grade parking which contain 173 parking spaces.
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