Refinancing Secured for 369-Unit Asset in Arlington, VA
Eastern Union has arranged $39.7M in Fannie Mae financing for Aubinoe Management’s 61-building multifamily complex.
ARLINGTON, VA – Eastern Union has secured $39.7 million in Fannie Mae financing to refinance a 369-unit multifamily community in Arlington, VA.
The complex, Washington & Lee Apartments, is owned by Rockville, MD-based Aubinoe Management and comprises 61 three-story, garden-style apartment buildings. Built in 1948, the community spans 313,578 rentable square feet at 2200 N. 2nd St.
The 10-year carried an interest rate equal to the 10-year Treasury bond rate plus 1.85 points, with a three-year period of interest-only payments.
Eastern Union Mid-Atlantic group’s managing director David Merkin secured the financing. The transaction was serviced with the assistance of a New York City-based financial institution.
“Eastern Union leveraged our strategic relationship with the Fannie Mae office to position ourselves to lock in a rate at the most opportune time, even though the deal wasn’t yet in a position to close,” states Merkin. “The large cash-out enabled the client to upgrade the efficiency of their assets and also provided capital for additional multifamily acquisitions within the greater Washington region.”
“I’m quite pleased by the added value that Eastern Union delivered here,” says Alvin L. Aubinoe III, president and owner of Aubinoe Management. “They demonstrated an ideal combination of technical know-how and strategic sophistication.”
Aubinoe Management has 1,800 residential units, 300,000 square feet of retail space and 100,000 square feet of office space under management. The firm is currently developing a 72-unit senior housing project, which will include 10,000 square feet of retail space and is expected to deliver in December 2025.