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.
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