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CWCAPITAL SECURES $151 MILLION LOAN FOR D.C. MULTIFAMILY PROJECT

WASHINGTON, D.C. — CWCapital has secured a $151 million construction loan for a new multifamily project in Washington, D.C. The loan, which was financed through the Federal Housing Administration (FHA), includes a 30-month construction term and a 40-year, fully-amortizing term thereafter. Andrea McClure of CWCapital structured and originated the loan.

Englewood, Colo.-based Archstone will use the proceeds to develop 1st & M, a 469-unit, Class A property located just north of Union Station and the U.S. Capitol. Community amenities will include a rooftop area with a heated pool and a spa as well as a 16,000-square-foot courtyard with trees and reflecting pools. Other amenities include a resident library and sound-proof activity studios. Completion for the project is expected in 2013. Archstone will also market and manage the property.

“With strong multifamily demand in select markets such as Washington, D.C., the FHA is providing critical new construction capital to borrowers — and helping to create new jobs,” said Michael Berman, president and CEO of CWCapital, in a statement. “While many banks are on the sidelines or have restricted credit criteria, FHA is performing an important counter-cyclical role and attracting high-quality sponsors with high-quality projects who have rarely, of ever, accessed this capital. The 1st & M loan is a perfect example of this. Our expertise in this area has brought us a significant amount of new business. We have been pleased to see a substantial increase in FHA construction lending and believe it will continue into 2011.”

— Coleman Wood

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