January 2023

F inancial D igest

M id A tlantic Real Estate Journal —January 2023 — 11A


Locks in competitive interest rate amid a volatile market Eastern Union secures $39.7 Million to refinance 369-unit apartment complex In Arlington, VA A RLINGTON, VA — Eastern Union , one of the country’s largest

deal wasn’t yet in a posi- tion to close,” said Merkin. “The large cash-out enabled the client to upgrade the ef- ficiency of their assets and also provided capital for ad- ditional multifamily acqui- sitions within the greater Washington region.” “I’m quite pleased by the added value that Eastern Union delivered here,” said Alvin L. Aubinoe, III , presi- dent and owner of Aubinoe Management. “They demon- strated an ideal combination of technical know-how and strategic sophistication.” Aubinoe Management is presently developing Mercury Apartments at Wildwood, a 72-unit senior housing project that will include 10,000 s/f of retail space. The development is expected to be completed in December 2025. Eastern Union’s Mid-Atlan- tic Group operates under the leadership of Marc Tropp and David Merkin. MAREJ convenient commuting option. The property is only 9.1 miles from the University of Mary Washington and Central Park while being within 4 miles of two additional shop- ping centers, Cosner’s Corner and Southpoint. Spotsylvania Regional Medical Center (2.9 Miles) is just down the road and recreational/outdoor op- portunities also abound with the nearby Green Springs (10.3 miles), and Fredericks- burg and Spotsylvania Nation- al Military Park (13.5 miles) Community amenities in- clude: Wifi at pool and club - house, property manager on site, pet play area, business center, fitness center, and pool. Apartment amenities include: In-unit washer/dryer, air conditioning, heating, ceiling fans, cable ready, tub/ shower, dishwasher, disposal, kitchen, oven, refrigerator, freezer, carpet, tile floors, walk-in closets, window cover- ings, and patio. MAREJ

commercial real estate finance com - panies, has arranged the $39,723,000 refinancing of Washington & Lee Apart- ments, a 369- unit multi-

David Merkin

family complex in Arlington. The Fannie Mae financing was secured by managing director David Merkin of Eastern Union’s Mid-Atlantic Group based in Bethesda, MD. Washington & Lee Apart- ments comprise 61 three-story, garden-style apartment build- ings representing 313,578 rentable s/f. Built in 1948, it is located at 2200 North 2nd St. The owner is Aubinoe Man- agement based in Rockville, MD. Founded in 1939, the company presently has 1,800 RICHMOND, VA — Northmarq’s Richmond multifamily investment sales team of Wink Ewing, Mike Marshall and Matt Straughan in collaboration with the Richmond debt & equity team of Keith Wells, Reina Abboud and Hunter Wood , brokered the $34.25 million sale and financing of Timber Ridge Townhomes. Northmarq represented the seller, CAPREIT , while origi- nating the debt for the buyer, Linden Property Group , through its relationship with a regional bank. “We had an overwhelming amount of interest in this property, due to its location in a bedroom community of D.C., and the affordability compo- nent. There was a waiting list for new leases and VHDA had recently raised the rent caps approximately 12 percent, so there was a lot of room to con- tinue to grow revenue. The as- set is in pristine condition and

year period of interest-only payments. The transaction was serviced through the as- sistance of a New York City- based financial institution. Eastern Union attributes the desirable loan terms to Washington & Lee Apartments

residential units, 300,000 s/f of retail space, and 100,000 s/f of office space under management. The ten-year loan carried an interest rate equal to the ten-year Treasury bond rate plus 1.85 points, with a three-

skillful market timing. “Eastern Union leveraged our strategic relationship with the Fannie Mae office to position ourselves to lock in a rate at the most oppor- tune time, even though the

Northmarq’s Richmond office arranges $34.25 Million sale and financing of Timber Ridge Townhomes in Fredericksburg, VA

ber Ridge Townhomes pro- vides a tranquil atmosphere in an ideal location in Fred- ericksburg. It is nestled away in a country-like setting but only minutes away to pre- mier shopping and dining. Timber Ridge Townhomes

the transaction was extremely smooth,” said Ewing. The 147-unit/21-building LIHTC/Affordable housing property (built in 1999) is located at 3500 Goldenfield Lane in Fredericksburg. Tim-

Residents enjoy easy access to I-95, meaning a shorter drive for those who work and play in Washington, DC. The property is also only minutes away from the Virginia Rail- way Express, offering another

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