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CrowdStreet Investors Plunk $14M into $62M DC Multifam Project
Potomac, MD-based Foulger-Pratt has acquired 1425 New York Avenue, NW, in Washington, DC with intentions to convert and redevelop the office building into a Class-A multifamily residential property.
Project capitalization included $14 million from approximately 300 CrowdStreet investors as part of $31.4 million sponsor and investor equity and a $30.6 million acquisition loan from Eagle Bank. The project carries a $62 million total cost, including price paid, design and permitting for the redevelopment.
The property is 287,000 square feet across 13 stories and contains four underground levels of parking. After redevelopment, it will have approximately 255 rental units across 280,000 square feet and be the closest apartment project to the White House (and walking distance to the world’s economic and political drivers the Treasury Department, International Monetary Fund, World Bank, Executive Office Buildings and Federal Reserve).
The location is supply constrained relative to office with only four Class-A properties (1,044 units) within a half-mile.
- ◦Sale/Acquisition
- ◦Development
- ◦Financing
