Kennedy Wilson Closes $175M Construction Financing for DC Multifamily Project
Kennedy Wilson has closed a $175 million senior construction mortgage to finance the development of 1999 Eye Street NW, a 434-unit multifamily community in downtown Washington, D.C.
The development is being sponsored by a joint venture between Stonebridge, The Bernstein Companies and Criterion Real Estate Capital, with a separate account advised by MetLife Investment Management as an institutional equity partner.
The 14-story, ground-up development will feature a mix of 340 market-rate residences, 50 student housing units totaling 200 beds and 44 affordable units. The property will also include approximately 15,600 square feet of ground-floor retail space and 189 residential parking spaces.
Located in downtown Washington, D.C., 1999 Eye Street is situated near numerous employment and institutional anchors, including the World Bank, International Monetary Fund and George Washington University.
“We are pleased to partner with Stonebridge, The Bernstein Companies, Criterion Real Estate Capital and MetLife Investment Management to support the development of 1999 Eye Street,” said Craig Lockard, Managing Director, Debt Investment Group at Kennedy Wilson.
Other News
Colliers Secures $69M Refinance for Missoula Multifamily Property
Colliers’ Debt & Structured Finance has arranged $69.3 million to refinance Snowfarm Apartments, a 252-unit multifamily Property located in Missoula, Montana. The financing was placed through Fannie Mae and marks the first-ever transaction executed utilizing Fannie Mae’s Streamlined Treasury Lock Program. The loan was structured as interest-only with a seven-year term, at a fixed rate...
Learn more
Equus Capital Partners Acquires 226-Unit Multifamily Community in Geneva
Equus Capital Partners, Ltd. announced that an affiliate has completed the acquisition of Ashford at Geneva, a 226-unit garden-style apartment community located in Geneva, Illinois. The property was acquired on behalf of a programmatic joint venture between an affiliate of Equus and a U.S.-based public pension plan. Ashford was approximately 97% occupied at the time...
Learn more
Greenstone Partners Arranges Sale of Mixed-Use Wicker Park Building
Greenstone Partners announced the sale of 1560 N. Damen Avenue, a three-story, 4,650-square-foot mixed-use property located at the heart of Wicker Park. The property sold for $3.18 million, within approximately 3% of the asking price. The property features ground-floor retail occupied by Stan’s Donuts & Coffee, a regional bakery brand that has operated at the...
Learn more
Brokers
View All-
Remax Professionals
Re/Max Real Estate Professionals | New York
-
Jared Ennis
Central CA Commercial | California
-
Rick Recckio
Recckio Real Estate & Development
-
Eamonn McConnell
Avison Young - CA - ON - Greater Toronto
Lenders
View AllManagement
View All-
Essex Property Trust, Inc.
California
-
Josh A
California
-
Bob Tuteur
-
Andrew Schildcrout