Jemal and DivcoWest to convert DC West End office into 323 apartments
Madison Realty Capital provided a $40 million loan for the 342,000-square-foot building's acquisition and predevelopment.
At a glance
Madison Realty Capital provided a $40 million loan for the 342,000-square-foot building's acquisition and predevelopment.
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.
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.
Save this analysis and keep the funds you follow together in My Desk.
Sign in to save articles or follow funds.
SectorsU.S. apartment rents rise 0.3% in Q3 as annual completions fall 46% from peak
SectorsESR plans Saudi and UAE logistics and data center platform with $10bn-plus pipeline
The Wrap