Overview

4219 Brooks St NE is a multifamily property located in the Northeast Quadrant of Washington DC. The property is across the street from Fort Mahan Park and within minutes of Benning Road Station. The location provides easy access to I-295.

The owner of the property had reported that only one tenant was paying rent. The asset had fallen into physical distress, and the ownership no longer had funds for capital improvements or debt service.

Execution

Quasar, in an exclusive partnership with Metropolitan, provided the financing for capital improvements and managed the project, executing all necessary maintenance, repairs and improvements. Quasar removed all non-paying occupants and obtained qualified paying tenants.

Outcome

The owner avoided foreclosure and was able to sell a stabilized asset for over 350% of his mortgage balance. Quasar, via its exclusive partnership with Metropolitan, was able to attain a return of 18% interest on its capital investment while providing the owner with net cash into the six figures.