Capital One Closes $50.5M Refinancing of Apartment Community in Metro D.C.

SILVER SPRING, MD. — Capital One has provided a $50.5 million loan to repay an existing construction loan on Fenwick Apartments, a Class A, six-story apartment community in Silver Spring, a little over six miles north of Washington, D.C. Capital One provided the three-year, floating-rate loan to the borrower, Insight Property Group. The loan’s initial term is interest-only. Two optional one-year extensions have amortization on a 30-year schedule utilizing a 3 percent interest rate. Built in 2014, Fenwick Apartments consists of 310 units, including 39 affordable units, and is located within walking distance to the Washington Metropolitan Area Transit Authority’s Silver Spring station. Community amenities include a pool deck with cabanas, clubroom, billiards, TV gaming area and an outdoor living room with a fire pit. The community was 94 percent occupied as of July.