Nicholson of Capmark refinances $4.23m loan for 140-unit multifamily

Capmark Finance Inc. originated $4.23 million in fixed-rate, permanent debt for the refinance and recapitalization of St. Mary's Court Apartments, a multifamily property for low-income senior citizens. The 90% LTV loan features a 35-year term and fixed rate of 6.55%. Located at 725 24th St. in the Foggy Bottom neighborhood, St. Mary's Court Apartments is an 84,000 s/f, 140-unit apartment building. VP Nick Nicholson of Capmark's McLean, Va., office originated the transaction for St. Mary's Court Housing Development Corp., a single-asset, non-profit organization governed by a board of volunteers. In addition to paying off existing, higher-interest debt, the new mortgage loan funded $615,000 for immediate repairs and upgrades to the project and $656,000 for future capital improvements. The loan also funded a $906,000 food trust, which will finance an ongoing meals program for the tenants and low-income neighborhood residents.