LYNK Capital Provides $5 Million Loan to Capitol Real Estate Development for Housing Development in Congress Heights, SE Washington DC
Washington, DC (PRWEB) April 22, 2014 -- The area is a short walk from the St. Elizabeth’s campus, which the D.C. government is developing into an innovation hub where Microsoft and other companies will establish a presence. The St. Elizabeth’s site is also home to the Coast Guard and currently under-development for the new headquarters of the Department of Homeland Security. The redevelopment of St. Elizabeth’s offers stimulus to the neighborhood revitalization efforts and tremendous job opportunities. "We are pleased to hear of this amazing investment in the Congress Heights neighborhood," said D.C.'s Deputy Mayor for Planning and Economic Development Victor L. Hoskins. "This residential project will complement the city's plans for transforming the area into a vibrant and innovative community."
The project was initially started in 2005 and failed in the financial collapse of 2008. Capitol Real Estate Development purchased the project and plans to complete 26 existing homes with upgraded kitchens and flooring as part of Phase 1 which is targeted to be completed later this year. The remaining 68 homes will be built in phase 2. The overall project consists of 70 Condominiums and 24 Townhouses. Sales prices are expected to be between $240,000 and $360,000 depending on the unit size and amenities. “We are very excited to provide a high quality housing option to attract young professionals to the area, who want to live near their work. Since retail follows housing, it seems likely that retailers will begin to take another look at Congress Heights too,” said Mike Hughes, Vice President, Capitol Real Estate Development.
Banks are typically unable to lend on properties that are in transition leaving borrowers with very few options. By providing the borrower with needed capital to complete this project, LYNK Capital is filling a tremendous void in the commercial real estate lending sector. “The renaissance that’s happening in Congress Heights is predicted to have a very positive impact on the community. Housing and retail are key to that growth. We hope that by funding this loan, we will have contributed to that effort,” noted Ben Lyons, Managing Director of LYNK Capital.
ABOUT CAPITOL REAL ESTATE DEVELOPMENT, LLC
Capitol Real Estate Development, LLC is the parent company of several local homebuilding and contracting organizations including Blaco, LLC and Woodcrest Holdings, LLC. The management team has over 70 years of experience in the acquisition, development, construction, and marketing of commercial and residential real estate. Their companies provide affordable and moderate housing, market-rate housing and even semi-custom homes. They won a Maryland Builder’s Association Monument Award for Foster’s Overlook, a 94 unit townhome community in Oxon Hill, MD. They focus on building quality homes in an efficient, timely and cost effective manner.
ABOUT LYNK CAPITAL
LYNK Capital Fund 1 is a private equity real estate fund that provides small balance commercial and real estate investment loans on real estate based assets of $3 Million or less. Loan programs provide short-term bridge loans from Maryland to Florida that will benefit from the completion of a property improvement or transition plan.
LYNK Capital's seasoned team has closed over $5 Billion of commercial and residential real estate loans and have successfully operated in thriving and distressed real estate and lending environments over the past 25 years.
LYNK Capital is currently seeking accredited investors and debt participants for LYNK Capital Fund 1, the vehicle through which these loans are provided. Additional information can be found at http://www.LYNKCapital.com or by contacting Suzanne Ratti at 407-476-2509.
Suzanne Ratti, LYNK Capital, LLC, http://www.LYNKCapital.com, +1 4074762509, [email protected]
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