WASHINGTON, DC—Madison Investments has secured financing for the development of a vacant lot in Logan Circle into condos. The project follows another rare new building project in this submarket: Resmark and Streetscape JV to build a 71-unit condo project at 1011 M St., which broke ground in December 2014.
MAC Realty Advisors placed a $18.5 million senior construction loan for the development of 1427 Rhode Island Ave., NW, half a block East of 14th street and two blocks West of Logan Circle. The loan closed in early July 2015.
Separately, Grosvenor Americas provided $5.77 million to the project.
Madison Investments will build an eight-story concrete high-rise building for 32 luxury condo units that will be called Elysium Logan. Construction is expected to begin in fourth quarter of this year, with delivery planned for early 2017.
There were a number of debt sources interested in the financing, according to Ben Lazarus, senior director with MAC, in a prepared statement.
The 14th Street Corridor features extremely desirable neighborhood amenities including a Whole Foods around the Andrew McAllister, Bruce Levin, Ben Lazarus, and Nick Rubenstein led the placement effort for MAC.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
