Commercial real estate investment services firm Greysteel has arranged $3.6 million in acquisition and construction financing for a mixed-use redevelopment in Washington, D.C. The borrower, an affiliate of Martin Development Company, received a five-year, non-recourse loan, which features a fixed-rate, interest-only for two years deal followed by a 30-year amortization schedule. The mixed use property built in 1917 is located at 2649 Connecticut Avenue, NW in the Woodley Park neighborhood of Washington, D.C. The transaction was negotiated by Greysteel Director, Mark Bittenbender, and Senior Finance Associate, Brittany Wismer, who are both based in the Company’s Washington, D.C. office.
“The track record and profile of the sponsor, coupled with the exceptional real estate, made this an extremely attractive financing opportunity,” said Mark Bittenbender, Director Greysteel. “We were able to create a competitive market for our client and achieve terms tailor-made to their acquisition and return objectives,” he added.
