January 17, 2021
Michigan-based business actual property finance firm Pink Oak Monetary has offered a $2.eight million mortgage for Hunt Manor, a 15-unit condo group in Washington D.C.’s Deanwood space. The financing was used to amass the asset and supply capital enhancements that encompassed the conversion of market-rate flats to inexpensive housing as a part of the District of Columbia Housing Authority’s (DCHA) Housing Voucher Program.
The property was constructed in 1951 and consists of a constructing on a half-acre web site at 4400 Hunt Place NE. The property consists of all three-bedroom, one-bath items, with residences averaging 660 sq. toes in dimension.
Renovations to the property included a full inside rehab, exterior paint and landscaping and every unit receiving its personal washer/dryer, water tank and HVAC programs. The revitalization helped deliver the property to 100% leased in 4 months.
The borrower was not disclosed.
For feedback, questions or considerations, please contact David Cohen
Pink Oak Monetary Offers $3M Acquisition Mortgage for Metro D.C. Flats