Evening Star Building Shines for Owner

WASHINGTON, DC-Philadelphia, PA-based proprietary asset management company Resource America Inc. has arranged the $45.5 million recapitalization of the 218,000-sf Evening Star Building in downtown Washington, DC with WestWind Capital Partners LP. Resource America acted on behalf of Germany-based fund manager KanAm Grund Kapitalanlagegesellschaft MBH.

At the close of the transaction, the profit for Resource America will be $30 million in cash and an additional $15.5 million in the form of a loan receivable. “That this transaction will not only allow Resource America to monetize a substantial part of its investment relating to the Evening Star loan, but will also facilitate Resource America’s effort to develop its proprietary asset management model,” says Resource America senior vice president of real estate Alan Feldman.