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Ridgeleigh Saves with Eco-Conscious Improvements
PNC Real Estate finances purchase and upgrade for long-term client
PNC Real Estate has provided financing to the Klingbeil organization for the purchase and upgrading of The Ridgeleigh at Van Dorn Metro, a 360-unit multifamily property located in Alexandria, Virginia.
The property was built in 1995 and sits on two parcels, totaling 12.87 acres.
The Ridgeleigh deal incorporates Fannie Mae’s Green Rewards program, which provides lower pricing and additional loan proceeds to finance smarter, greener property improvements. A free energy and water audit is part of the program. After reviewing the engineering survey, the sponsor opted for water-saving improvements, which will slice 21% off their water costs once implemented. These improvements include low flow showerheads and kitchen and bathroom aerators.
Thirty percent of the units qualify as low income. However, due to utilization of the Green Rewards incentives, 100% of the loan will be considered uncapped business for Fannie Mae and will not count toward their annual limit of $36.5 billion in loans financed.
Additional upgrades to 200 units are planned as they become available, including roofs, asphalt repairs, water heaters and HVAC. Interior updates include kitchen cabinets, quartz/tile backsplashes, appliances, flooring, vanities, doors and trim, faucets, window blinds and light fixtures.
Klingbeil has long-term experience in the ownership and management of multifamily properties throughout the country, primarily focusing on properties located in Northern and Southern California, Virginia, Maryland and Florida. PNC currently has arranged eight other Fannie Mae loans with the sponsor.
Discussing the Ridgeleigh transaction, Kristen Klingbeil-Weis, the Co-CEO of Klingbeil Capital Management, notes, “With the seller driving the time frame, PNC had to perform under a tight schedule. Fortunately, we have a close relationship and know from experience that PNC can move a deal quickly through the pipeline.
“PNC has consistently been there for us, even through the downturn. They have hit the terms we needed and have been very competitive. We value the fact that they are relationship-driven,” she concludes.
Date: December 2016
Location: Alexandria, Virginia
Financing Amount and Type: $59.5 million SARM loan
Units: 360 on 12.87 acres
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