Capital One Bank announced it provided a $53 million, five-year term loan to institutional investors advised by J.P. Morgan Asset Management – Global Real Assets. The loan was used to finance the acquisition of the Onyx on First apartment building in Washington, D.C.
Completed in 2009, the property has 266 units in D.C.’s Navy Yard District. The Onyx on First building features a 360-degree rooftop terrace and pool, with other amenities including a state-of-the-art fitness center, a resident clubroom, a courtyard and a four-level secured entrance parking garage. The building has a 24-hour concierge desk, controlled-access entries and easy access to the Navy Yard Metro Station, which is located one block away.
“We are pleased to help J.P. Morgan Asset Management’s clients acquire Onyx on First, a state-of-the-art, full-service community in a vibrant neighborhood,” said James Partridge, senior vice president, Commercial Real Estate, Capital One Bank. “We look forward to building our relationship with them as they continue to expand their portfolio across the country.”
“Capital One Bank showed great flexibility in the financing, helping us complete this purchase on a timely basis,” said Mike Kelly, head of Debt Capital Markets at J.P. Morgan Asset Management. “Onyx on First is a premier property in an area with strong growth potential, and fits well in our client’s investment portfolio.”