The Washington, D.C. production office of Grandbridge Real Estate Capital originated and closed a $121 million first mortgage loan secured by The Buchanan, a 442-unit class-A residential community in Arlington, Va.
Funded through Fannie Mae’s Delegated Underwriting and Servicing MBS loan product, the acquisition financing was originated by Washington, D.C.-based Grandbridge Senior Vice Presidents Paul Aanonsen and Jack Bauer. The seven-year fixed rate mortgage features a 30-year amortization and closed with an interest rate of 3.89 percent.
Built in 1971, The Buchanan is a 13-story high rise comprised of 442 multifamily units with commercial retail and office space on the first floor. The property features a mix of studio, one-, two- and three-bedroom units as well as eight retail spaces and one office space on the first floor and underground parking. Building amenities include a swimming pool and sundeck, gas grills and designated outdoor dining, fitness center, game room, two laundry rooms per floor, on-site storage, 24-hour concierge and valet dry cleaning services.