JPMorgan Lends $395M for Multifamily Portfolio Trade in Virginia
LivCor has secured $395 million in acquisition financing for a three-asset multifamily portfolio totaling 1,748 units in Fairfax County, Va., Commercial Observer can first report.
JPMorgan provided the five-year financing that includes a floating-rate, interest-only payments for the entire life of the loan.
The portfolio includes Bent Tree Apartments at 13630 Bent Tree Circle in Centreville; Shenandoah Crossing at 13300 Blueberry Lane in Fairfax and Burke Shire Commons at 5812 Chase Commons Court in Burke.
The portfolio features classic and renovated one-, two-, and three-bedroom units. Built in the mid-1980s, over $104 million in capital improvements have been infused into the portfolio since 2012, with approximately 64 percent of all units renovated, according to a statement from Walker & Dunlop. In addition to unit upgrades, improvements include the installation of smart home technology and enhancements to community amenities, such as common areas, dog parks, fitness centers, pools and clubhouses.
Walker & Dunlop‘s New York City team, comprised of Aaron Appel, Keith Kurland, Jon Schwartz, Adam Schwartz, Jackson Sastri and Jonathan Chassin, arranged the financing
“With top-tier sponsorship, this portfolio garnered a significant amount of interest from the capital markets,” Appel said. “Our team was pleased to work with Blackstone and JPMorgan on the financing for these generational assets with a proven track record of rent growth and further upside potential.”
LivCor and JPMorgan did not immediately respond to requests for comment.
Emily Fu can be reached at efu@commercialobserver.com.
