PCCP has originated a $61.3 million refinancing loan for Parc Riverside East, a luxury mid-rise multifamily community in Washington, D.C.’s Navy Yard neighborhood. The financing was provided to PGIM and Kennedy Wilson and recapitalizes the property as its prior loan approached maturity.
Parc Riverside East is located at 1011 First Street SE in the heart of Navy Yard. The 13-story building, completed in 2014, comprises 287 apartment units. The community offers a mix of studio, one-bedroom, and two-bedroom layouts, with average unit sizes of 785 square feet.
According to Lia Barsanti, Senior Vice President with PCCP, the refinancing opportunity arose as the existing debt neared maturity, allowing PCCP to lend on what the firm views as an institutional-quality multifamily asset in a dynamic urban neighborhood of Washington, D.C. The transaction underscores lender interest in well-located, stabilized multifamily properties in core districts of the nation’s capital.
The asset benefits from direct access to the Navy Yard–Ballpark Metro station, providing residents with transit connectivity to other parts of the city. Nearby demand drivers include Nationals Park, which is approximately a six-minute walk from the property, and the U.S. Capitol Building, about a 17-minute walk away. The surrounding Navy Yard area is characterized by a mix of waterfront dining, retail, and entertainment destinations, including other prominent developments such as The Yards and The Wharf.
The refinancing of Parc Riverside East comes as multifamily owners in urban neighborhoods continue to address upcoming loan maturities and seek capital solutions for assets with strong location fundamentals and transit access. The transaction highlights ongoing debt capital deployment into established apartment communities in Washington, D.C.’s Navy Yard submarket.
In a separate industry note, Connect Apartments is scheduled for September 22 in Los Angeles, bringing together multifamily investors, developers, lenders, owners, and advisors for discussions on current apartment market dynamics and trends.
