Red Oak Financial has originated a $6.7 million acquisition loan for a 36-unit apartment property in Washington D.C.’s Fort DuPont Park neighborhood.
The Benning Road apartment buildings will undergo renovations in order to qualify to be included in the District of Columbia Housing Authority’s (DCHA) Housing Voucher Program. DCHA’s Housing Voucher program currently has a waiting list exceeding 10,500 people. The property is currently 56% occupied and was constructed in 1965. The property is located at 4559 and 4569 Benning Road SE as well as 4880 C Street SE.
“The Red Oak team seeks to support sponsors who are advancing affordable housing options in the D.C. market. Given the high demand for high-quality housing for DCHA voucher residents and the high occupancy levels of a Fort Dupont Park location, we expect an expedited lease-up period,” said Gary Bechtel, CEO at Red Oak. “This financing is part of Red Oak’s ESG (Environmental, Social, and Corporate Governance) initiatives. It is the third loan we have originated for this sponsor in the D.C. market where they already own more than 20 multifamily assets.”
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.
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