Marcus & Millichap Capital Corporation arranged $4.13 million in financing for a newly built, 11-unit multifamily property located at 1706 17th Street Southeast in Washington, D.C.
Jared Cassidy, senior director in MMCC’s Washington, D.C. office, secured five-year, non-recourse agency financing at 70% loan-to-value on behalf of a private client. The loan also includes three years of interest-only payments and a flexible prepayment structure. The property features two-bedroom units and is located in the Fairlawn neighborhood, about five miles from downtown Washington, D.C.
“This financing supports our client’s recapitalization strategy while taking advantage of strong agency execution in the Washington, D.C. multifamily market,” said Cassidy. “Well-located, smaller multifamily assets like this continue to attract favorable terms with the Agencies given their affordability targets and consistent demand for new product.”
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