TODAY’S DEALS: JBG, Walton Street Land $99.2M for Mixed-Use Development in D.C.
Washington, D.C.—The JBG Companies and Walton Street Capital are moving forward with a 375-unit Class A mixed-use project in the U Street/North Shaw submarket of Washington, D.C., thanks to a $99.2 million construction loan arranged by HFF. Financing was provided by Capital One and features extension options for an additional three years.
The project, known as Atlantic Plumbing, is located the northwestern and southwestern corners of the intersection of 8th Street and V Street NW, two blocks from the U Street metro station. Due for completion in 2015, the trophy residential asset also features 23,785 square feet of ground-floor retail space in two separate buildings. New York-based architect Morris ADjmi design the community, which contains a fitness center with yoga and spin area, a lounge with a bar and theater, rooftop gardens, a rooftop pool with city views, barbecue stations, a rooftop movie screening area and electric car charging stations.
Canyon Capital funds $31M construction loan for NYC luxury apartment
New York—The NoHo neighborhood of Manhattan will see a new seven-story, mixed-use residential co-op now that Canyon Capital Realty Advisors has provided the construction financing. The 11-unit property, which also features a retail condominium, is being built by a joint venture between SK Development, Ironstate Development and the Chetrir Organization.
“This was a highly compelling deal for Canyon based on the project’s prominent location, the strength of the local market and most importantly, the developer’s reputation for delivering top-tier residential projects,” says Canyon principal Jonathan Roth. “We continue to be very interested in the Manhattan residential market, and are pleased that our construction financing will pave the way for a transformation of an underutilized site into a true residential jewel box.”
The property is situated on the corner of Bond Street and Lafayette Street and will feature a terra cotta and weathered steel façade, a mix of two- and three-bedroom units, a garage and private garden space.
Ariel Properties makes sale of NYC walk-up for $11.1M
New York—Ariel Property Advisors announced that five attached walk-ups at 265-273 West 146th Street, between Adam Clayton Powell Jr. and Frederick Douglass Boulevards in Central Harlem, sold for $11.1 million. Spanning 125 feet of frontage, together these five-story buildings consist of 47,500 square feet and contain 100 residential units.
The Ariel Property Advisors sales team and other deals consisted of Shimon Shkury, Victor Sozio, Michael A. Tortorici, Jesse Deutch and Marko Agbaba. They served as exclusive agents for the sellers, real estate investment firms.
“These transactions are a testament to the strength of the multifamily market today and the strong prices such assets are commanding,” says Shkury, president of Ariel Property Advisors.