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Eastern Union Arranges $40M for Aubinoe Management to Refi 369-Unit Community in Arlington
Commercial real estate finance company Eastern Union has arranged the $39.7-million refinancing of Washington & Lee Apartments, a 369-unit multifamily complex located at 2200 North 2nd Street in Arlington, VA.
The Fannie Mae financing was secured David Merkin of Eastern Union’s Bethesda, MD-based Mid-Atlantic group. The ten-year loan carried an interest rate equal to the ten-year Treasury bond rate plus 1.85 points, with a three-year period of interest-only payments. The transaction was serviced through the assistance of a New York City-based financial institution.
“The large cash-out enabled the client to upgrade the efficiency of their assets and also provided capital for additional multifamily acquisitions within the greater DC region,” said Merkin.
Washington & Lee Apartments is owned by Rockville, MD-based Aubinoe Management, which presently has 1,800 residential units, 300,000 square feet of retail space, and 100,000 square feet of office space under management. The 1948-constructed property is comprised 61 three-story, garden-style apartment buildings.
- ◦Financing
