Washington, DC — Greysteel, a national commercial real estate investment services firm, has arranged the refinancing of Greenway Gardens, a multifamily property located in Washington, DC.
The 7-year loan, provided by a regional bank, features a LTV of 78% with a 30-year amortization schedule. This transaction was negotiated by Greysteel director Mark Bittenbender, who is based in the Company’s Washington, D.C. office.
Greenway Gardens, located at 306-336 37th Street SE, Washington DC, was constructed in 1954 and totals 111 units with an average unit size of 836 s/f.
“The sponsor sought to place permanent debt on the property after the successful completion of their renovation strategy,” said Mr. Bittenbender. “Due to the strong track record of the sponsor in the submarket, there was considerable interest in the financing.” ν