Insight Property Group has secured a $50.5 million loan to refinance Fenwick Apartments, a 310-unit, D.C. area development that opened in 2014. Along with its JV partner and a separate account client, Insight Property will use the funds to repay the original construction loan. Capital One secured the three-year floating-rate loan which starts as interest-only and includes options for two one-year extensions at a 3 percent interest rate on a 30-year amortization schedule.
Located twenty minutes from Washington, D.C., Fenwick Apartments is a six-story, Class A residence with pedestrian access to the Red Line commuter rail station. Overall occupancy of the 310 apartment complex was 94 percent as of July. The community’s common areas include a cabana-clad pool deck, outdoor seating area with fire pit, club room, pool tables and entertainment lounge.
“The investment firm is an established client, so when they contacted us we were happy to be able to provide the surety of execution that was required for this transaction,” said New York City-based Seth Wiener, a vice president in Capital One’s Commercial Real Estate Group, in a statement. “Their team is easy to work with and very familiar with our process, all of which helped to make this process efficient.”
