$10m deal on DC condos.Wrightwood Capital has provided $10,700,717 to finance the acquisition and conversion of a sixty-six unit apartment building in Washington, D.C. Washington, D.C., capital of the United States, coextensive (since 1878, when Georgetown became a part of Washington) with the District of Columbia (2000 pop. 572,059), on the Potomac River; inc. 1802. The city is the center of a metropolitan area (1990 pop. 3,923,574) extending into Maryland and Virginia. With the city of Baltimore to its north in Maryland, it forms a consolidated metropolitan area of some 6.7 million people. Constructed in 1964, Longfellow Condominiums has more than 42,180 s/f.. "The location of this project makes it appealing in Washington, D.C.," commented Crae Ramsey, director of investments in Wrightwood Capital's Washington, D.C. office. "Longfellow Condominiums has the competitive advantage of being located by Georgia Avenue, a main thoroughfare between Washington, D.C. and the Maryland suburb, Silver Spring, and is easily accessible to public transportation. "The Washington area condominium market will continue to be supported by the area's job growth, demand for urban living, and lack of available infill sites." This represents the first transaction between the sponsor, Congressional Realty Group, and Wrightwood Capital. The opportunity was brought to Wrightwood Capital by Chris Carroll of Cohen Financial. |
|
||||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion