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
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
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.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
