Dealmaker: Eastern Union Secures $40M for Virginia Multifamily

(Washington & Lee Apartments, Arlington, Va.)

Eastern Union, New York, secured $39.7 million to refinance Washington & Lee Apartments, a 369-unit multifamily community in Arlington, Va.

Fannie Mae, Washington, D.C., supplied the financing. Managing Director David Merkin of Eastern Union’s Mid-Atlantic Group arranged the loan.

Built at 2200 North 2nd Street in 1948, Washington & Lee Apartments includes 61 three-story garden-style buildings totaling 313,578 rentable square feet.       

The 10-year loan bears interest at the 10-year Treasury rate plus 1.85 points, with three years of interest-only payments.

Aubinoe Management, Rockville, Md., owns the property. The company presently has 1,800 residential units, 300,000 square feet of retail space and 100,000 square feet of office space under management.