Affinius Capital lends $97.9M to refinance D.C.'s Lydian apartments

Affinius Capital has lent $97.9 million to refinance the Lydian, a 324-unit apartment building at 400 K Street NW in Washington, D.C.'s Mount Vernon Triangle, Commercial Observer first reported. The borrower is a joint venture that includes affiliates of Quadrangle Development and the Wilkes Company. JLL's Chris Hew and Susan Carras arranged the financing.

The loan works out to roughly $302,000 a unit against a 14-story building completed in 2018, with 13,551 square feet of ground-floor retail and a 155-space parking garage.

Matthews reported District vacancy at 4.7 percent and average rent down 0.7 percent to $2,227 a month since mid-year 2025. The report attributes the slide to federal workforce cuts weakening renter demand. The construction pipeline has shrunk to a decade low, while investment activity rose 44.5 percent to $8.24 billion in the 12 months through June.

"Mount Vernon Triangle has evolved into a highly desirable residential neighborhood with strong access to employment, transit and amenities throughout Washington, D.C.," Affinius's Costa Kontoulis said in a statement.

The D.C. refinancing follows a $177.25 million loan it made in August on two New York-area apartment properties, per this publication's reporting, and a $130.4 million construction loan for a West Loop tower in September. Affinius manages $64 billion in gross assets.