Rare Long-Term Debt Underpins New Luxury Rental Construction

WASHINGTON, DC – Eastern Union Funding secured a 10-year loan for a luxury rental that covers 80% of the acquisition cost and construction financing.

BY: Erika Morphy

Eastern Union Funding helped get the The Violet, a 20-unit rental building to be developed at 1515 Rhode Island Ave., NE, off the ground by securing a rare long-term debt package for the project.

The Jocelyn Group is developing the site into a luxury rental where the asking rents for the 1,100-square foot units will start at $2,400 per month. [Read More]

Source: GlobeSt.com Washington