$34M Financing Deal Closes for Land Buy

WASHINGTON, DC-A $34 million financing deal has closed and a plan to erect a mixed-use development of as much as one million sf has taken a big step forward. Acting on behalf of project developer J Street Development Co. LLC and partner Fidelity Investments, NorthMarq Capital Inc. facilitated the loan for the joint venture’s acquisition of the nearly 2.5-acre parcel at 60 L St. NE in the center of the burgeoning NoMa Corridor.

“J Street Development and its venture partner, Fidelity Investments, timed the acquisition of this property perfectly, as the NoMa submarket is primed and ready for new residential and commercial development,” says Christopher Feeley, senior vice president of Equity Investments for NorthMarq’s Washington Regional office. He orchestrated the deal with colleague senior vice president Kenneth Gentzel.