1900 Half St., SWWASHINGTON, DC—Douglas Development and its partner in a new project on 1900 Half St., SW, have secured EB-5 capital to partially finance the office-to-multifamily housing conversion.
EB5 Capital is contributing a $44.5 million preferred equity investment to the $190 million project that is currently under construction. The building, which will have 453 units and over 15,000 square feet of ground-floor retail, is on track to create more than 1,300 EB-jobs, according to EB5 Capital. The 89 foreign investors in the EB-5 partnership are from various countries, including Canada, China, Eritrea, Hong Kong, India, Iran, Israel, Korea, Pakistan, Russia, Taiwan, Ukraine, the United Kingdom, Venezuela, and Vietnam.
This is EB5's third project with Douglas Development, according to Brian Ostar, EB5 Capital's Senior Vice President of Global Operations.
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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.
