WASHINGTON, D.C. (December 7, 2017) – NorthMarq Capital’s Washington D.C. regional office, arranged permanent financing of $9.504 million for the acquisition of a 156-unit multifamily property located in the Congress Heights/Anacostia neighborhood of Washington, D.C. The property is proximate to transportation routes, public transit, downtown D.C. and other apartment demand drivers. The area is a strong apartment market with high barriers to entry due to lack of land in the immediate area.
The property is 94 percent leased with all the vacancy consisting of down units. The Borrower is renovating 10 down units, increasing near term income potential while continuing to upgrade older units as the tenants roll-over will increase longer term potential income.