WASHINGTON, DC—CIH Ventures accessed a mix of debt and equity sources to finance its purchase of Wingate Apartments, a 714-unit high-rise and garden-style complex located at 4660 Martin Luther King Jr. Ave SW. HFF helped broker the financing, which totaled $39.4 million.
Locally-based CIH placed a $27.6 million, 10-year Fannie Mae loan with M&T Bank, along with $8.5 million in equity through The Zitelman Group. CIH principals kicked in $1.8 million and $1.5 million was secured from a CIH private syndicate.
CIH Ventures took assignment of the tenants' rights through the District's Tenant Opportunity to Purchase Act. The 21-acre gated-community, located on a bluff overlooking the Potomac River, consists of the Vista at Wingate, 385 units spread out in three 10-story high-rise buildings, and the Gardens at Wingate. That complex holds 329 units configured in garden-style apartments.
HFF's J. Brenden Flood, Cary Abod, Alan Davis, Dave Nachison and Bret Thompson handled the financing.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.