ASB Real Estate Investments has refinanced two properties it bought for $220 million in 2013.
Prudential Mortgage Capital Co. provided the $105 million loan, with Cushman & Wakefield brokering the transaction.
The senior financing is secured by Sedona Slate, a 2013-constructed, 474-unit, Class-A multifamily apartment property in Rosslyn, Virginia.
The property features a 433-space parking garage and 10,435 s/f of Clarendon Boulevard retail space.
A Cushman & Wakefield Equity, Debt & Structured Finance team of Steve Kohn, Alex Hernandez, John Campanella, Sridhar Vankayala and Gloria Agyeman served as exclusive advisors in the transaction.
“The capital markets were highly attracted to this exceptional residential property,” said Kohn.
Hernandez added, “Given the quality of the asset, the excellent location and strong sponsorship, we knew this asset would finance extremely well with a life insurance company.”
ASB Real Estate Investments said Prudential provided the loan at 3.4 percent. “ASB is pursuing a strategy to leverage assets selectively, taking advantage of extremely low interest rates for well leased core properties given favorable capital market conditions,” said Larry Braithwaite, s manager of the ASB fund.
“The Sedona│Slate apartments provide both upscale and affordable multifamily rental residences in one of the most selective and desirable submarkets within the DC Metro.”
Sedona Slate offers residents a live-work-play environment. It is within close proximity to grocers, restaurants, cultural attractions and an assortment of restaurants, bars, and nightlife destinations.