Bonaventure Realty Group secured $78m to refinance The Encore Apartments in Alexandria, Virgina. The loan from PGIM Real Estate is a 35-year, fully amortizing, non-recourse, fixed-rate loan. The funding is also approved for green certification and lower mortgage insurance premiums through HUD’s Green MIP Program. Proceeds will be used to recover costs incurred from a 2010 capital improvements program. Built between 1966 and 1968, the 461-unit property provides easy access to Washington, DC, Reagan National Airport and public transportation. “Using long-term, fully amortizing FHA financing to pay off a maturing Freddie Mac loan allowed the borrower to achieve their financing goals,” said Jason Miller, principal at PGIM Real Estate Finance.
