A subsidiary of Mack-Cali Realty has secured a $161.5 million refinancing for its 825-unit residential community in the Crystal City neighborhood of Arlington, Va.
Roseland Residential Trust landed the seven-year floating rate refinancing through Freddie Mac. Along with New Jersey-based Mack-Cali, an investor account advised by UBS Realty Investors is also a part owner in the property.
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Situated on 17 acres at the corner of S Eads Street and 18th Street S, Crystal House is located within walking distance of Amazon’s planned HQ2 development in the heart of Crystal City. The property was built in 1963 and has a unit mix of studio, one-, two- and three-bedroom apartments averaging 896 square feet in size, according to Yardi Matrix data. Amenities at the 12-story Crystal House community include a fitness center, business center, swimming pool, playground and a parking garage.
Mack-Cali purchased the property in 2013 in a joint venture with UBS Realty Investors for $262.5 million, with plans to upgrade apartment units at the property. The purchase marked the REIT’s first acquisition in the Washington, D.C. multifamily market.
A CBRE team of Michael Sherman, Irene Lu, Michael Riccio, Susan Larkin and Anna Pfau arranged the financing on behalf of the company. Sherman said in prepared remarks that the deal is among the largest multifamily refinancings to close during the COVID-19 pandemic.
Late last month, residents of an affordable community in Washington, D.C., received $67 million in financing from The District of Columbia Housing Finance Agency in order to acquire and redevelop Park Southern Apartments, a 358-unit residential community in the metro’s Ward 8 neighborhood.