Frequency Apartments, 4000 Brandywine Street NW, Washington DC.
WASHINGTON DC – UIP Companies Inc. has recapitalized its adaptive reuse multifamily project for a $42 million, class-A asset in Northwest Washington DC.
The project secured $9.8 million in crowd-sourced equity capital raised on CrowdStreet from 225 individual investors. More than $5 million in offers were raised in 30 minutes, and the deal was fully-pledged in two hours and six minutes.
The online fundraising took place less than 24 hours after the Dow Jones Industrial Average recorded its worst one-day point drop in history, the S&P 500 finished down nearly 12% and the Nasdaq Composite ended down 12.3%.
For the project, UIP Companies additionally secured $18.7 million in mortgage refinancing from an insurance company. The project also received proceeds from a sale-leaseback of the land.
UIP Companies Inc. originally acquired the Washington DC property in 2016. The company converted the 36,000-square-foot office property into a now 50,000-square-foot, multifamily property through an adaptive reuse project. DBMC served as the architect for the adaptive reuse project.
The building, located at 4000 Brandywine Street NW, is situated one block away from the Tenleytown metro station, on the east side of Wisconsin Avenue.
The apartment building is currently master-leased to American University. The private university currently leases 88 of the building's 100 units and has the rights to lease the remaining market-rate units as they become available.
The building has been renamed Frequency apartments as an ode to WAMU, a national public radio affiliate that housed its offices and broadcasting studio in the building, prior to the multifamily conversion. The name also refers to the property's location on top of Tenley Hill; the highest point in the District of Columbia at 450 feet above Pennsylvania Avenue.
Based in Washington DC, The UIP Companies Inc. is a vertically integrated regional apartment building owner, developer, property manager and general contractor. The firm has invested more than $1.2 billion in the Washington DC region, and currently has more than $800 million in assets under management.
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Ingrid Tunberg
Ingrid Tunberg sits on the editorial team as a coordinator and reporter for Real Estate Forum and GlobeSt.com. She is responsible for writing stories, assisting with industry awards and marketing nomination events. Previously, Ingrid worked as a copywriter across various industries throughout New York City and Chicago.
