Merkin of Eastern Union arranges $39.723 million refinancing in Arlington, VA

Arlington, VA Eastern Union, one of the country’s largest commercial real estate finance companies, has arranged the $39.723 million refinancing of Washington & Lee Apartments, a 369-unit multifamily complex.

The Fannie Mae financing was secured by managing director David Merkin of Eastern Union’s Mid-Atlantic Group based in Bethesda, MD.  

Washington & Lee Apartments comprise 61 three-story, garden-style apartment buildings representing 313,578 rentable s/f. Built in 1948, it is located at 2200 North 2nd St.      

The owner is Aubinoe Management based in Rockville, MD. Founded in 1939, the company presently has 1,800 residential units, 300,000 s/f of retail space, and 100,000 s/f of office space under management.

The ten-year loan carried an interest rate equal to the ten-year Treasury bond rate plus 1.85 points, with a three-year period of interest-only payments. The transaction was serviced through the assistance of a New York City-based financial institution.

Eastern Union attributes the desirable loan terms to skillful market timing. 

“Eastern Union leveraged our strategic relationship with the Fannie Mae office to position ourselves to lock in a rate at the most opportune time, even though the deal wasn't yet in a position to close,” said Merkin. “The large cash-out enabled the client to upgrade the efficiency of their assets and also provided capital for additional multifamily acquisitions within the greater Washington region.” 

“I’m quite pleased by the added value that Eastern Union delivered here,” said Alvin Aubinoe, III, president and owner of Aubinoe Management. “They demonstrated an ideal combination of technical know-how and strategic sophistication.”