M&T Realty Capital Corp. Closes $50M Bridge Acquisition Loan for Foggy Bottom Multifamily
M&T Realty Capital Corporation (M&T RCC) announced the closing of a $49.8 million bridge acquisition loan for Varsity on K, a 197-unit multifamily property located in the Foggy Bottom neighborhood of Washington, D.C., adjacent to George Washington University.
The financing will facilitate the acquisition and stabilization of the property by HH Fund, a repeat M&T RCC client and owner-operator of student housing and multifamily assets throughout the United States.
“We remain bullish on DC and believe we are investing at an attractive point in the cycle. M&T RCC has been a great partner to HH, and we especially appreciate their ability to understand our investment strategy and provide an attractive, flexible bridge financing solution tailored to the needs of this transaction,” said Lee Chen, Managing Director of HH Fund.
Originally developed in 1985 and later repositioned as a furnished multifamily community, Varsity on K benefits from a location within walking distance of George Washington University, major employment centers, transit and neighborhood amenities.
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Brokers
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Remax Professionals
Re/Max Real Estate Professionals | New York
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Eamonn McConnell
Avison Young - CA - ON - Greater Toronto
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout