{"id":1004281574,"date":"2018-11-26T05:11:41","date_gmt":"2018-11-26T13:11:41","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004281574"},"modified":"2022-12-07T22:31:54","modified_gmt":"2022-12-08T06:31:54","slug":"berkadia-secures-112m-loan-for-dc-portfolio","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/berkadia-secures-112m-loan-for-dc-portfolio\/","title":{"rendered":"Berkadia Secures $112M Loan for DC Portfolio"},"content":{"rendered":"<p>By Scott Baltic<\/p>\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/11\/self-storage.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004281595\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/berkadia-secures-112m-loan-for-dc-portfolio\/self-storage-3\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/11\/self-storage.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;1.8&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;iPhone 7 Plus&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1495905153&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;3.99&quot;,&quot;iso&quot;:&quot;40&quot;,&quot;shutter_speed&quot;:&quot;0.05&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"self storage\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;&lt;i&gt;Image via Pixabay.com&lt;\/i&gt;&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/11\/self-storage.jpg?w=800\" class=\"alignright wp-image-1004281595 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/11\/self-storage.jpg\" alt=\"\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/11\/self-storage.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/11\/self-storage.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/11\/self-storage.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a>Maryland-based Foulger-Pratt has received nearly $112 million in financing for two properties in Washington, D.C. Berkadia arranged the funding.<\/p>\n<p>In one of the transactions, Berkadia arranged $22.5 million in financing for Foulger-Pratt\u2019s 72 Florida Ave. Self Storage, a 166,000-square-foot self storage facility to be developed in the NoMa district. A five-year floating-rate construction loan was obtained through a different large national bank and executed at 65 percent loan-to-cost. The property, according to Berkadia, is \u201c<em>in a submarket that has historically been drastically underserved.<\/em>\u201d<\/p>\n<p>Foulger-Pratt did not reply to <em>Commercial Property Executive<\/em>\u2019s request for additional information.&nbsp;Foulger-Pratt recently <a href=\"https:\/\/www.commercialsearch.com\/news\/foulger-pratt-closes-new-leases-at-md-mixed-use-campus\/\">leased a total of about 35,000 square feet<\/a> at its Park Potomac in Maryland. Winchester Homes Inc. and Bronfman Rothschild will occupy their respective spaces as their regional headquarters.<\/p>\n<h2>Strategic location<\/h2>\n<p>In the larger of the two deals, Berkadia secured $89.5 million in construction refinancing through a large national bank for Beckert\u2019s Park, at 415 14th St. SE, also known as Capitol Hill Apartments on 14th.<\/p>\n<p>The 2.8-acre site, two blocks from the Potomac Avenue Metro station, is currently occupied by a 50,384-square-foot Safeway grocery store. Foulger-Pratt will redevelop the property into a 325-unit, five-story apartment community, above a new ground-floor 60,000-square-foot Safeway and about 8,000 square feet of additional retail space.<\/p>\n<p>The three-and-a-half-year floating-rate construction loan represents 65 percent loan-to-cost. The financing also includes 50 percent of the development equity provided through EB5 Capital, of Bethesda, Md., and a revolving line of credit.&nbsp;Berkadia Director Jonathan Pratt, who secured the loans for both transactions, called this \u201c<em>a particularly complex transaction involving a lot of moving parts,<\/em>\u201d in a prepared statement.&nbsp;<\/p>\n<p>Apartment absorption remains strong throughout the Washington region, with net year-to-date absorption of more than 12,000 units and average region-wide occupancy of 95.9 percent, according to a third-quarter report from Newmark Knight Frank.&nbsp;\u201c<em>Strong growth in high-paying jobs \u2026 is projected to spearhead Class A multi-housing demand over the next five years<\/em>,\u201d the report states.<\/p>\n<p>Specifically, in the Navy Yard\/Capitol Hill\/Southwest submarket, overall occupancy is 96.2 percent, with average effective rents of $2.96 per square foot, or $2,361 per unit, again per NKF.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The company arranged construction financing for developer Foulger-Pratt for a self storage property in the NoMa neighborhood and a mixed-use development near Capitol Hill.<\/p>\n","protected":false},"author":882,"featured_media":1004281595,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21825,11,21752,21742,1615],"tags":[32894,36667,36007],"class_list":["post-1004281574","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-finance","category-midatlantic","category-mixed-use","category-latest","category-washington-dc","tag-berkadia","tag-foulger-pratt","tag-newmark-knight-frank"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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