LCOR Refinances DC’s Edison at Union Market With $52M From BayernLB
Developer LCOR has secured $52 million to refinance The Edison at Union Market, a 187-unit multifamily property at 1240 4th Street NE in Washington, D.C., Commercial Observer has learned.
German bank BayernLB provided the financing, which was arranged by CBRE (CBRE)’s capital markets’ debt and structured finance team. LCOR paid $13 million for the site in 2014 and then developed the property in 2017, according to property records.
“With interest rates low and the downtown apartment markets rebounding from the effects of the COVID-19 pandemic, the timing of this financing was perfect in terms of strong lender demand and optimal property performance,” CBRE broker Maxi Leachman told Commercial Observer.
The Edison was the first multifamily development within the Union Market area, and was voted the No. 1 “Best New Apartment Building” by The Washingtonian when it opened.
The six-story building features a fitness center, landscaped courtyards with fire pits, outdoor kitchens, and a custom outdoor mural art by local artists.
According to Leachman, the property’s location in Union Market, combined with a Trader Joe’s in the building and the unique interior design and amenities, make this an attractive building in the area.
CBRE’s David Webb, Justin Glasgow and Curtiss Telfer represented LCOR along with Leachman.
“LCOR’s development of the Edison helped transform the Union Market neighborhood,” Webb said in a prepared release. “The interest in the debt markets was tremendous for this property and sponsorship, and we were excited to see BayernLB continue their growth in the D.C. [metropolitan statistical area].”
Keith Loria can be reached at email@example.com.
Update: This story has been updated to reflect that there wasn’t an existing $30.5 million loan on the property, as was previously stated.