Square Mile secures $200M loan on luxury DC rental

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Square Mile Capital Management has originated a $211.2 million loan secured by 1331 Maryland, a 373-unit luxury multifamily building located in Southwest Washington, D.C.

The loan was made to affiliates of The Republic Family of Companies , led by Richard Kramer and Steven Grigg, who commenced construction of the Robert A.M. Stern Architects designed building in 2017 and delivered the property in August 2019. 

The financing was arranged by David Webb of
CBRE’s Washington, D.C. office.

Square Mile Capital Principal Eric Cohen said, “Republic
has developed a best-in-class rental asset at 1331 Maryland. 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.”

1331 Maryland features a Sky Terrace overlooking
the National Mall and Potomac River, outdoor living rooms with grilling
stations, an infinity pool overlooking the Tidal Basin, a state-of-the-art fitness
center, and a 24/7 doorman and concierge service.

The
property is situated two blocks south of the National Mall and directly
adjacent to the Potomac River. Tenants enjoy easy access to I-395, Rock Creek
Parkway and the GW Parkway, and the Yellow Line metro is less than a 10-minute
walk away. Additionally, the property is 1,600 feet from the Jefferson Memorial
and convenient walking distance from The Wharf, a $2.5 billion mixed-use
development.

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