On behalf a Philadelphia headquartered national apartment owner, Remington Financial Group, Inc. secured $5,800,000 senior financing to refinance and renovate a 103-unit apartment building in Washington, DC. Shortly after the property was acquired, the owner attempted to convert it to condominiums. However, after battling two and a half years of tenant-initiated legal opposition, and a subsequent failed disposition attempt, the decision to keep the property and reposition as a rental was made.

When Remington was engaged, the property was 50 percent vacant, in significant disrepair and its senior financing was in default. Despite these obstacles, Remington quickly secured financing commitments from two prominent banks that became comfortable with the submarket and its ability to support higher rents. The loan provided 100 percent of the costs to refinance existing debt, fund renovation costs and an interest reserve. The pricing was one percent over Prime with a three year term. Upon stabilization, the loan converts into a competitively priced long term permanent loan. This property was the borrower’s fourth financing transaction arranged by Remington.

Remington Financial Group, headquartered in Arizona, is a national real estate investment bank that arranges and provides bridge, mezzanine, equity, construction and permanent financing to projects ranging from income producing real estate to residential lot development and condo conversions.