Washington, DC – Cassidy Turley today announced that it arranged a $15.5 million bridge loan for the acquisition of the Campbell Heights Apartments, which consists of 171 age-restricted senior rental apartments in Washington, DC. The loan was provided by a local bank. Jon Goldstein, Phil Mudd and Christian Miles of Cassidy Turley secured the financing on behalf of a partnership comprised of JAIR LYNCH Development Partners and the Campbell Heights Residents Association.
The Campbell Heights Apartments are located at 2001 15th Street, NW, in the heart of the 14th and U Street corridors. This area has undergone significant investment, development and gentrification in recent years. Its proximity to Washington, DC’s Central Business District, access to public transit, retail, and cultural amenities have made the area a desirable neighborhood to live and therefore commands some of the highest rents in the city.
“This was a very important transaction for the sponsor for a variety of reasons. Therefore, it was imperative that we select a lender that not only had attractive terms but could also execute,” commented Jon Goldstein, Vice President of Cassidy Turley. “We think Jair Lynch is one of the rising stars in the real estate industry and we are both delighted and honored to be associated with his organization on this important transaction,” added Phil Mudd, Senior Managing Director of Cassidy Turley.
About JAIR LYNCH Development Partners
JAIR LYNCH Development Partners invests in a diverse mix of commercial, retail, and residential projects. We utilize our in-depth understanding of the marketplace and our experience representing and advising clients to identify and effectively manage investment projects. To date, JAIR LYNCH has developed 600,000 square feet of mixed-use, mixed income development. JAIR LYNCH primarily seeks to invest in the redevelopment of urban neighborhoods, market-rate and/or mixed-income multifamily residential, office and retail projects in the Washington, DC metropolitan area. We seek opportunities to leverage public and private resources, promote pedestrian activity, and reduce land consumption, which is why ideal opportunities are located within a one-mile radius of mass-transit.
About Cassidy Turley
Cassidy Turley is a leading commercial real estate services provider in the U.S., with 420 million square feet of managed space, 58 offices, 19 national markets, and more than $13 billion in completed transactions for 2009. Outside of North America, Cassidy Turley partners with GVA Grimley, the founder and majority shareholder of GVA Worldwide. Cassidy Turley serves owners, investors and occupiers by offering integrated, tailored solutions across a full spectrum of commercial real estate services including capital markets, corporate services (which supports more than 25,000 locations), project leasing, property management, project and development services, and tenant representation. The firm recently ranked in the Top 10 on the Lipsey Co.’s Commercial Real Estate Top Brands Survey. Please visit www.cassidyturley.com for more information about the company.
Maureen Wheeler 202.463.1138