IPA Capital Markets Arranges $30.25 Million in Construction Financing for D.C. Office to Multifamily Conversion Project

WASHINGTON, D.C., Jan. XX, 2024 – IPA Capital Markets, a division of Marcus & Millichap (NYSE: MMI), specializing in capital markets services for major private and institutional clients, announced today the arrangement of $30.25 million in construction financing for an office building that will be converted into 85 luxury executive suite apartments operated by Mint House in Washington, D.C. Altus Realty, a real estate investment and development firm based in Arlington, Virginia acquired the property in 2022. The opening is slated for 2025.

Lindsay Stroud, IPA senior managing director, capital markets, based in the firm’s Washington, D.C. office secured the three-year financing with Hall Structured Finance, a direct private lender, on behalf of Altus.

“In a historically difficult lending market, we were able to secure extremely attractive leverage sat a reasonable rate for our client,” noted Stroud.

The property is located at 1010 Vermont Avenue NW, within walking distance of The White House, Logan Circle, and DuPont Circle, close to bus stops and metro stations. Units will range from studios to two-bedroom executive suite apartments and combine the classic comfort of a home with the modern luxury of a hotel, giving guests all the perks with none of the tradeoffs.

As featured in Washington Business Journal.

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About Institutional Property Advisors (IPA)

Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com.