CGA Capital Originates $25M for D.C. Women’s Homeless Shelter


CGA Capital, a Maryland-based lender, provided a $24.6 million mortgage to Friedman Capital and an unnamed partner for their purchase of a 32,246-square-foot property in the East End submarket of Washington, D.C., sources have told Commercial Observer.

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The building, which is located at 810 5th Street NW, is leased to the District of Columbia’s Department of Human Services. The facility, which was recently renovated, will serve as a 100-plus-bed women’s homeless shelter. There are also administrative offices on site.

Mission Capital’s Jordan Ray, Steven Buchwald and Eugene Shevaldin arranged the debt for the borrower.

“We knew this was a transaction that some capital providers might shy away from based on its specialty use,” Mr. Ray, a principal of the brokerage, said in prepared remarks. “Ultimately, CGA Capital was able to get comfortable with the lease signed by the district and provide our clients with a 20-year high-leverage credit tenant loan.”

An email inquiry to Friedman Capital was not returned. A representative for CGA declined to comment.