WASHINGTON, D.C. – October 16, 2017 – Berkadia today announced the recent financing of Capitol Hill Tower, a multifamily cooperative property located in Washington, D.C. Senior Director Joe DeGiorgi of the Philadelphia office secured the $46.94 million permanent refinancing on behalf of the borrower, Capitol Hill Tower Housing Cooperative, Inc. The deal closed on September 29.
The loan features a fixed 3.9 percent interest rate with a 40-year fully amortizing loan term. The loan refinanced the existing debt and also paid off an eight percent pre-payment penalty. Securing the loan through the HUD 223(a)(7) Loan Program allowed the Borrower to take advantage of HUD’s reduced Green MIP Rate, as they qualified by achieving EPA’s Energy Star Certification.
“Berkadia was thrilled to execute this transaction for such a valued client,” said DeGiorgi. “We were able to provide the Borrower with an Early Rate-Lock, which removed the interest rate risk through the HUD processing time. As a result, we have helped provide over $220,000 in annual Debt Service savings to our Borrower.”
Located at 1000 New Jersey Ave., Capitol Hill Tower is in the Navy Yard neighborhood of D.C. and provides convenient access to Capitol Hill and Downtown Washington. Built in 2006, the property features 344-units with studio, one-, two- and three-bedroom floorplans, each including hardwood floors, walk-in closets, air conditioning and washer and dryer units. Residents can also enjoy community amenities including an outdoor courtyard with gas grills, a pool, a fitness center, a game room and a club room.