WASHINGTON, DC–Federal Capital Partners is investing in The Highline, a $100 million apartment-retail project being developed in Union Market by Level 2 and Clark Enterprises. The community, located at 320 Florida Ave., NE, will consist of 318 luxury apartment units and four penthouse units as well as 10,000 square feet of first floor retail space.
The investment was made under FCP's recently-closed FCP Realty Fund III, a $512.1 million equity pool targeting commercial properties and structured opportunities throughout the Eastern US. When it closed in October 2016, it had 20 investments committing $332.4 million of fund equity for a total value of $1.1 billion under its belt.
Level 2 and Clark Construction began construction on the site, which was originally a Burger King, last year, Level 2 Principal David Franco told GlobeSt.com in an earlier interview from 2016. Level 2 is a major developer in this submarket with several projects underway.
FCP has also invested in Level 2's Takoma Central, a mixed-use building with 150 apartments and Busboys & Poets as the ground floor retail anchor, which is located next to the Takoma Metro Station.
The Highline at Union Market is located one block from the NoMa/Gallaudet Red Line Metro Station.
United Bank and EB5 Capital provided construction financing for the project. MAC Realty Advisors secured the development financing. The 12-story building was designed by Eric Colbert & Assoc.
The project was approved with an affordability component. There will also be 13 three-bedroom townhomes built in Ward 5 that are to be set aside for households earning no more than 50% of the area median income. Also, 4% of The Highline's units will be set aside for households earning no more than 80 percent of the area median income.
WASHINGTON, DC–Federal Capital Partners is investing in The Highline, a $100 million apartment-retail project being developed in Union Market by Level 2 and Clark Enterprises. The community, located at 320 Florida Ave., NE, will consist of 318 luxury apartment units and four penthouse units as well as 10,000 square feet of first floor retail space.
The investment was made under FCP's recently-closed FCP Realty Fund III, a $512.1 million equity pool targeting commercial properties and structured opportunities throughout the Eastern US. When it closed in October 2016, it had 20 investments committing $332.4 million of fund equity for a total value of $1.1 billion under its belt.
Level 2 and Clark Construction began construction on the site, which was originally a
FCP has also invested in Level 2's Takoma Central, a mixed-use building with 150 apartments and Busboys & Poets as the ground floor retail anchor, which is located next to the Takoma Metro Station.
The Highline at Union Market is located one block from the NoMa/Gallaudet Red Line Metro Station.
United Bank and EB5 Capital provided construction financing for the project. MAC Realty Advisors secured the development financing. The 12-story building was designed by Eric Colbert & Assoc.
The project was approved with an affordability component. There will also be 13 three-bedroom townhomes built in Ward 5 that are to be set aside for households earning no more than 50% of the area median income. Also, 4% of The Highline's units will be set aside for households earning no more than 80 percent of the area median income.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
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.
