At a glance
- The 342,000-square-foot office building sits in Washington, D.C.'s West End, and the plan calls for up to three dozen affordable units.
- The $40 million loan is smaller than the $127 million take-out this publication reported for Fort Lauderdale's Arcadian, a 502-unit project by The Fuse Group and KREA Developments; the same lender funded that project.
- Berkadia arranged that loan, which reserves 151 units for households earning 100 to 120 percent of area median income.
Jemal Real Estate Strategies and DivcoWest have formed a joint venture to convert 1255 23rd Street NW into about 323 apartments, Connect CRE reported Oct. 8. The 342,000-square-foot office building sits in Washington, D.C.'s West End, and the plan calls for up to three dozen affordable units.
Madison Realty Capital provided a $40 million loan to support the building's acquisition and predevelopment, according to Connect CRE. The $40 million loan is smaller than the $127 million take-out this publication reported for Fort Lauderdale's Arcadian, a 502-unit project by The Fuse Group and KREA Developments; the same lender funded that project. Berkadia arranged that loan, which reserves 151 units for households earning 100 to 120 percent of area median income.
Reported by the Sectors desk from Connect CRE and Private Real Estate Daily archive. Published . Corrections