Insight Property Secures $51M for Silver Spring Apartment

SILVER SPRING, MD–Insight Property Group is replacing the construction financing it had on Fenwick Apartments, a six-story apartment complex here that delivered in 2014, with a $50.1 million three year, floating-rate loan from Capital One.

The loan's initial term is interest-only. Two optional one-year extensions have amortization on a 30-year schedule utilizing a three percent interest rate.

The 310-unit apartment building has 39 affordable units and as of July 2016 was 94% occupied.

Separately, Insight Property Group recently purchased a two-asset multifamily portfolio in Northern Virginia for $57.9 million via a joint venture with a Fundrise affiliate RSE Capital. The properties are Sacramento Square Apartments, located at 5401 Claymont Dr. in Alexandria, which was purchased for $37.75 million and Lancaster Mill, located at 13940 Longwood Manor Court in Woodbridge. It was purchased for $20.15 million.

Insight Property Group and RSE Capital announced their partnership through real estate crowdfunding platform Fundrise in August. This purchase is part of their plan to invest $200 million annually in the Washington DC market. primarily by acquiring value-add properties for repositioning.

SILVER SPRING, MD–Insight Property Group is replacing the construction financing it had on Fenwick Apartments, a six-story apartment complex here that delivered in 2014, with a $50.1 million three year, floating-rate loan from Capital One.

The loan's initial term is interest-only. Two optional one-year extensions have amortization on a 30-year schedule utilizing a three percent interest rate.

The 310-unit apartment building has 39 affordable units and as of July 2016 was 94% occupied.

Separately, Insight Property Group recently purchased a two-asset multifamily portfolio in Northern Virginia for $57.9 million via a joint venture with a Fundrise affiliate RSE Capital. The properties are Sacramento Square Apartments, located at 5401 Claymont Dr. in Alexandria, which was purchased for $37.75 million and Lancaster Mill, located at 13940 Longwood Manor Court in Woodbridge. It was purchased for $20.15 million.

Insight Property Group and RSE Capital announced their partnership through real estate crowdfunding platform Fundrise in August. This purchase is part of their plan to invest $200 million annually in the Washington DC market. primarily by acquiring value-add properties for repositioning.