WASHINGTON, DC–A forthcoming Class-A apartment and retail development at 1401 Pennsylvania Ave., SE is now fully funded. The developers, CAS Riegler Cos. and May Development, secured a $44.5 million construction loan with EagleBank and $17 million in preferred equity by EB5 Capital. Phillips Realty Capital arranged both components of the capital stack.
The 167-unit development will will be located only 50 feet from the Potomac Avenue three-line Metro Station and a 10-minute walk from Eastern Market and Barracks Row.
Neighborhood Restaurant Group, which is assembling all the food and beverage offerings in this space, has pre-leased and will operate approximately 13,500 square feet of the 19,000 square foot first floor retail space to house a restaurant, beer and cocktail bars, a food market and a coffee shop.
Groundbreaking is planned for early September, with delivery expected in the summer of 2019. Additional team members include Tishman Construction and Antunovich Associates architects.
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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.
