A joint venture between Northpoint Realty Partners and Persimmon Capital Partners have secured a $40m loan for the recapitalization of a multifamily asset. The complex, The Mark, is a 227-unit community in Alexandria, Virginia, which once served as a hotel. Walker & Dunlop sourced the funding with a long-term capital stack, including fixed-rate senior debt from Freddie Mac and joint venture equity from RSE Capital Partners. The building features units ranging from studios to three-bedrooms and includes all-new interiors.
“The redevelopment is appealing, because it represents a seamless reuse of an outdated building in order to meet the rapid rise in demand for housing in the submarket,” said Jamie Butler, Walker & Dunlop’s managing director. “A wide range of lenders were attracted to the opportunity because of the central location, strong submarket fundamentals and the quality of construction — all of which have contributed to the strong leasing momentum of the project.”
