Red Oak Financial Provides $3M Acquisition Loan for Metro D.C. Apartments
Michigan-based commercial real estate finance company Red Oak Financial has provided a $2.8 million loan for Hunt Manor, a 15-unit apartment community in Washington D.C.’s Deanwood area. The financing was used to acquire the asset and provide capital improvements that encompassed the conversion of market-rate apartments to affordable housing as part of the District of Columbia Housing Authority’s (DCHA) Housing Voucher Program.
The property was constructed in 1951 and consists of a building on a half-acre site at 4400 Hunt Place NE. The property consists of all three-bedroom, one-bath units, with residences averaging 660 square feet in size.
Renovations to the property included a full interior rehab, exterior paint and landscaping and each unit receiving its own washer/dryer, water tank and HVAC systems. The revitalization helped bring the property to 100% leased in four months.
David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector.
Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA.
David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.
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