Greysteel Arranges $3.6 Million In Acquisition And Construction Financing For A Mixed-Use Redevelopment In Washington, D.C.

9/19/16

Mark Bittenbender

Greysteel, a national commercial real estate investment services firm, has arranged $3.6 million in acquisition and construction financing for a mixed-use redevelopment in Washington, D.C. on behalf of an affiliate of Martin Development Company.

The five-year, non-recourse loan, provided by a balance sheet lender, features a competitive fixed-rate and interest-only payments for the first two years followed by a 30-year amortization schedule. This transaction was negotiated by Greysteel Director, Mark Bittenbender, and Senior Finance Associate, Brittany Wismer, who are both based in the Company’s Washington, D.C. office.

The mixed-use property, located at 2649 Connecticut Avenue, NW in the Woodley Park neighborhood of Washington, D.C., will upon completion contain two four-bedroom residential units totaling 3,350 square feet and a 3,610-square-foot retail space. Built in 1917, the property previously housed Café Paradiso but was delivered to the borrower completely vacant upon closing.

“The track record and profile of the sponsor, coupled with the exceptional real estate, made this an extremely attractive financing opportunity,” said Mr. Bittenbender. “We were able to create a competitive market for our client and achieve terms tailor-made to their acquisition and return objectives,” he added.

About Greysteel:

Greysteel is a commercial real estate and capital markets services firm with seven offices located in Los Angeles, CA; Washington, D.C.; Baltimore, MD; Philadelphia, PA; Dallas, TX; and Fort Worth, TX. Greysteel serves and advises private and institutional real estate investors and developers in the marketing, sale, and financing of private capital and middle-market real estate assets.www.greysteel.com

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