{"id":1004032175,"date":"2011-09-07T12:15:55","date_gmt":"2011-09-07T20:15:55","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004032175"},"modified":"2025-02-25T00:05:21","modified_gmt":"2025-02-25T08:05:21","slug":"93m-refi-for-mixed-use-d-c-apartments","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/93m-refi-for-mixed-use-d-c-apartments\/","title":{"rendered":"$93M Refi for Mixed-Use D.C. Apartments"},"content":{"rendered":"<p><strong>September 7, 2011<\/strong><br \/>\n<em>By Barbra Murray, Contributing Editor<\/em><br \/>\n<a class=\"highslide\" href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/09\/090711-Vaughan-Place-DC.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004032176\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/93m-refi-for-mixed-use-d-c-apartments\/090711-vaughan-place-dc\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/09\/090711-Vaughan-Place-DC.jpg\" data-orig-size=\"500,353\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"090711 &#8211; Vaughan Place DC\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/09\/090711-Vaughan-Place-DC.jpg?w=500\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/09\/090711-Vaughan-Place-DC.jpg\" alt=\"\" title=\"090711 - Vaughan Place DC\" width=\"150\" height=\"150\" class=\"alignright size-thumbnail wp-image-1004032176\" \/><\/a><\/p>\n<p>Vaughan Place at McLean Gardens, a 389-residence mixed-use apartment complex in Washington, D.C., has been refinanced to the tune of $93 million, courtesy of a loan provided by Walker &amp; Dunlop Inc. through its subsidiary, Walker &amp; Dunlop L.L.C. <\/p>\n<p>Capital Properties has owned Vaughan Place since 2007 when, according to Washington, D.C., property records, the company acquired the asset for approximately $137.4 million. Located at 3401 W. 38th St., Vaughan Place consists of a collection of high-rise, low-rise and garden-style structures containing Class A apartments, as well as approximately 46,400 square feet of office and retail space. Presently, the luxury apartment community is 97 percent leased, a condition that buoys the confidence of lenders more often than not. The financing for the property came in the form of a 10-year loan with one-year interest only and a 30-year amortization. <\/p>\n<p>Lenders are not doling out loans like candy as they did in 2007; however, they certainly have warmed up to the multifamily sector market, where the vacancy rate dropped to 5.9 percent in the second quarter, marking a 210 basis point decline over a five-quarter period, as per a report by commercial real estate services firm Cushman &amp; Wakefield. &#8220;The continued improvement in apartment market fundamentals has led to easing of underwriting requirements and improved access to financing for apartment transactions,&#8221; according to the report.<\/p>\n<p>Walker &amp; Dunlop has had a busy year of arranging financing for multifamily properties, and borrowers with assets in metropolitan Washington, D.C., have been getting their share. Transactions in August alone include a $14 million loan for a student housing apartment building on Connecticut Ave. from Cardinal Bank and a $10 million loan for two apartment properties in the city&#8217;s Woodley Park\/Cleveland Park neighborhood through a major life insurance company.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Vaughan Place at McLean Gardens, a 389-residence mixed-use apartment complex in Washington, D.C., has been refinanced to the tune of $93 million, courtesy of a loan provided by Walker &amp; Dunlop Inc. <\/p>\n","protected":false},"author":1201,"featured_media":1004032176,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21752,21742,1615],"tags":[],"class_list":["post-1004032175","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-mixed-use","category-latest","category-washington-dc"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>$93M Refi for Mixed-Use D.C. Apartments - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/93m-refi-for-mixed-use-d-c-apartments\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"$93M Refi for Mixed-Use D.C. 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