TCS Realty Associates secures 10-year loan from Fannie Mae

Arlington, VA – Global real estate advisor, Avison Young has arranged a $46.6 million refinancing of Garfield Park, a 152-unit apartment building located at 925 Garfield Street in Arlington, Virginia on behalf of TCS Realty Associates. The five-story class A property features a mix of studio, one-bedroom and two-bedroom units, along with 20,000 square feet (sf) of prime ground-floor retail.

TCS Realty Associates was represented by Avison Young’s DC-based Debt & Equity Finance Team comprised of Principals Wes Boatwright, Jon Goldstein and Michael Yavinsky and Vice President Connor Burke. The team arranged the 10-year loan with Fannie Mae and the proceeds will be used to repay an existing loan.

“Garfield Park is an exceptional and irreplaceable multifamily property located in the R-B Corridor’s Clarendon neighborhood. The convenient location is minutes of downtown DC, Reagan National Airport, and I-95,” said Boatwright. “Avison Young executed a dual marketing strategy of obtaining and analyzing market sales pricing and financing quotes to provide multiple capital options. We’re proud to deliver a long-term financing solution on behalf of our long-standing client, TCS Realty Associates.”

Nestled within Clarendon’s dense concentration of restaurants, bars, and grocers with easy access to the extensive interconnected network of mass transit through, Garfield Park is uniquely positioned to capitalize on the region’s projected population growth with the arrival of Amazon HQ2 and the Virginia Tech Innovation Campus nearby.

In addition to the state-of-the-art community amenities including a fitness center, serenely landscaped second floor courtyards and a resident lounge with billiards, multiple TVs, workstations and kitchen, Garfield Park features 20,000 sf of prime ground-floor retail with a diverse set of tenants including The Boardroom Game Bar & Brewery/Ms. Peacock's Champagne Lounge, Origins Thai Spa and A Plus Kids.

“Wes Boatwright, Connor Burke and the Avison Young team have, over the years performed exceptionally well on behalf of TCS Realty Associates, and this particularly complex transaction was no exception”, stated Tom Shooltz, President Emeritus of TCS Realty Associates. “We are additionally thankful to Chris Camarra, our outstanding legal counsel at Holland & Knight, for his professional services.”