PGIM Provides $78M Refi for Alexandria Apt

PGIM Real Estate Finance provided a $78-million FHA refinancing loan to Bonaventure Realty Group for The Encore Apartments, a 461-unit apartment community in Alexandria, VA. The 35-year, fixed rate loan is fully amortizing, non-recourse and approved for green certification and lower mortgage insurance premiums through HUD’s Green MIP program. Loan proceeds will be used to recover costs incurred for capital improvements.

PGIM’s Patrick Kempton says, “Using long-term, fully amortizing FHA financing to pay off a maturing Freddie Mac loan allowed the borrower to achieve their financing goals, and highlights one of the benefits of working with PGIM – a lender with a variety of capital sources that allow us to find the right execution depending on the market, asset and borrower’s goals.”

The property is a Class A market rate apartment complex 2215 N. Pickett St. originally built between 1966 and 1968. A 2010 renovation resulted in upgraded units and community amenities.

For comments, questions or concerns, please contact Dennis Kaiser

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About Dennis Kaiser

Dennis Kaiser is Vice President of Public Relations and Communications for Connect Creative. Dennis is a communications leader with more than 40 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect Creative’s agency client services and is involved in a range of initiatives ranging from public relations and content strategy, communications and message development, copywriting, media relations, social media and content marketing services. Prior to joining Connect Media in 2015, his most recent corporate communications roles involved leading a regional public relations effort across Southern California for CBRE, playing a key marketing role on JLL’s national retail team, and directing the global public relations effort at ValleyCrest (BrightView), the nation’s largest commercial landscape services company. He has worked on marketing communications assignments for such CRE companies as Blackstone/Equity Office, Carlyle, Caruso, Disney Resorts, GE Capital, Irvine Company, Hines, Howard Hughes Corp., Jeffries, Lennar, MGM, Marcus & Millichap, Prologis, Raleigh Studios, Simon, Starwood, Trammell Crow Company, Transamerica, UBS and Wynn Resorts. Dennis has also worked on communications and launch strategies for a number of consumer electronic, media and tech brands including SlingMedia, Channel Master, Deluxe Media Entertainment, BeIn Sports, EchoStar and Sprint. Dennis’s agency background included firms such as Off Madison Ave., Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, Boy Scouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and the Thunderbirds Charities.

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PGIM Provides $78M Refi for Alexandria Apt

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