Washington & Lee Apartments
Update
12/21/22
Eastern Union Secures $39.7M to Refinance 369-Unit Apartment Complex In Arlington, VA
Eastern Union, one of the country's largest commercial real estate finance companies, has arranged the $39,723,000 refinancing of Washington & Lee Apartments, a 369-unit multifamily complex in Arlington, VA.
The Fannie Mae financing was secured by managing director David Merkin of Eastern Union's Mid-Atlantic Group based in Bethesda, MD.
Washington & Lee Apartments comprise 61 three-story, garden-style apartment buildings representing 313,578 rentable square feet. Built in 1948, it is located at 2200 North 2nd Street.
The owner is Aubinoe Management based in Rockville, MD. Founded in 1939, the company presently has 1,800 residential units, 300,000 square feet of retail space, and 100,000 square feet of office space under management.
The ten-year loan carried an interest rate equal to the ten-year Treasury bond rate plus 1.85 points, with a three-year period of interest-only payments. The transaction was serviced through the assistance of a New York City-based financial institution.
Eastern Union attributes the desirable loan terms to skillful market timing.
"Eastern Union leveraged our strategic relationship with the Fannie Mae office to position ourselves to lock in a rate at the most opportune time, even though the deal wasn't yet in a position to close," said Mr. Merkin. "The large cash-out enabled the client to upgrade the efficiency of their assets and also provided capital for additional multifamily acquisitions within the greater Washington region."
"I'm quite pleased by the added value that Eastern Union delivered here," said Alvin L. Aubinoe, III, president and owner of Aubinoe Management. "They demonstrated an ideal combination of technical know-how and strategic sophistication."
Aubinoe Management is presently developing Mercury Apartments at Wildwood, a 72-unit senior housing project that will include 10,000 square feet of retail space. The development is expected to be completed in December 2025.
Eastern Union's Mid-Atlantic Group operates under the leadership of Marc Tropp and David Merkin.
