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Marcus & Millichap Arranges Sale, Financing of 37-Unit DC Apartment Building
Marcus & Millichap brokered the sale of 4107 Connecticut Ave NW, a 37-unit apartment building in the Van Ness neighborhood of Washington, D.C.
The asset sold for $4.675 million. Marcus & Millichap Capital Corporation (MMCC), a subsidiary of Marcus & Millichap, arranged $3.5 million in financing. “Buyer demand remained strong given the property’s prime location, durable in-place income, recent capital improvements, and thoughtful upgrades across a majority of the units,” said Lorenzo Wooten, CCIM, senior director of investments.
The Wooten Group of Marcus & Millichap exclusively marketed the property on behalf of the seller, Sirius LLC, and procured the buyer, White Crest CT LLC. Jared Cassidy, senior director, capital markets, secured a five-year loan with a national bank on behalf of the buyer. The loan was structured to complement the buyer’s capital improvement plan, with a built-in interest-only period followed by 35 years of amortization.
