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. officeSquare 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.