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ACRES Capital Corp., has originated a $12.6-million loan to fund the acquisition and pre-development of the Denrike Building in Washington, DC.

Denrike Building in Downtown DC Targeted for Acquisition, Multifamily Conversion

ACRES Capital Corp., has originated a $12.6-million loan to fund the acquisition and pre-development of the Denrike Building at 1010 Vermont Avenue NW in downtown Washington, DC.

Drew Miller of ACRES originated the loan on behalf of 1010 Vermont Avenue, LLC. It was arranged by Lindsay Stroud of Savills.

The 11-story, Gothic Revival-style office building will be converted into an 89-unit multifamily building with 4,081 square feet of ground floor retail. The property is within walking distance to attractions such as the White House, major universities and to Metro stations.

“Repurposing and repositioning properties for updated market needs is proving to be a core focus to move forward post-pandemic,” said ACRES CEO and president Mark Fogel. “With the increase of office vacancies, 1010 Vermont Avenue NW presented a great opportunity for an adaptive reuse project that supports the market’s demand transition from office space to residential in the DC area.”

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ACRES Capital Corp.'s Fogel

About Lisa McDuffie

Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group. When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.

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