Grosvenor America Unveils Mixed-Use DC Development
- May 20, 2015
Washington, D.C.—Grosvenor Americas has obtained a $90 million construction loan for its new mixed-use project, F1RST, in the Capitol Riverfront District in Washington, D.C. Called F1RST for its location on 1st Street, the 300,000-square-foot property will rise 13 stories and include 325 apartment units.
The building, which Grosvenor will develop in partnership with McCaffrey Interests, will offer below-grade parking and 32,000 square feet of amenities, including a rooftop swimming pool and resort style hot tub, multiple rooftop seating areas and outdoor kitchens. There will also be a fitness center, lounge, a courtyard garden, pet spa and concierge services.
Another component of the project is more than 22,000 square feet of retail space, and the borrowers have executed retail leases with Taylor Gourmet and Chop’t. In addition, a 170-room Residence Inn by Marriott will be located on the property.
Capital One, the lender, plans to hold $50 million of the loan and is syndicating $20 million each to United Bank and TD Bank. Sadhvi Subramanian and Brian Gormley, senior vice presidents in Capital One Commercial Real Estate’s DC office, originated the transaction.
Grosvenor Americas has a portfolio of about 1.9 million square feet of office, retail, and hotel space in the DC metro area alone. McCaffery Interests has a portfolio of projects (planned, completed, and managed) that exceeds 20 million square feet. Clark Construction Group is building the new project, which was designed by Hickok Cole.