Republic Nabs $211M From Square Mile for Multifamily Property in DC
Square Mile Capital Management originated a $211.2 million loan to finance 1331 Maryland for affiliates of Richard Kramer and Steven Grigg‘s The Republic Family of Companies, the alternative lender announced today.
Republic’s 1331 Maryland is in Southwest Washington, D.C. The financing was arranged by CBRE‘s David Webb.
Republic built the 373-unit apartment complex, 1331 Maryland, in 2019. It was designed by Robert A.M. Stern Architects and boasts hotel-like amenities, including an infinity pool, a concierge service, and a good location — two blocks from the National Mall and “1,600 feet from the Jefferson Memorial.”
“Republic has developed a best-in-class rental asset at 1331 Maryland,” said Square Mile Principal Eric Cohen in a prepared statement announcing the financing. “The property features what are arguably the highest-quality finishes and amenities for any multifamily building in the District. It is no surprise that the property has performed very well so far despite adverse macroeconomic conditions, and we are thrilled to add it to our loan portfolio.”
Square Mile has indicated to Commercial Observer since the beginning of the coronavirus crisis that it is being very careful in its lending.
“Now that the tide has gone out, that high standard of care is making a difference in the credit performance of our loans,” Senior Managing Director Jeff Fastov told CO this fall. “The lesson learned is that you can’t cut corners if you’re in it for the long run.”