HFF Arranges Financing for Capitol Hill Class A Residential Building
- Sep 07, 2015
The JBG Cos. and its joint venture partner, the TRITEC Real Estate Company, have recently won $32 million in financing for one of their multi-housing properties in Washington, D.C. HFF worked on behalf of the borrower to secure the seven-year, floating-rate loan with HSBC Bank.
The joint venture will use the funds to refinance an existing construction debt on Kennedy Row, a 141-unit Class A property located in the District’s Capitol Hill neighborhood. Michael Gigliotti, Sue Carras, Walter Coker and Brian Crivella were part of the HFF debt placement team representing the JBG-TRITEC joint venture.
Kennedy Row broke ground in November 2011 and was completed in early 2013. The project was constructed by Clark Builders Group at 1717 E. Capitol St., SE on a site that previously housed a dilapidated 80-unit apartment building.
The mid-rise residential building offers a mix of studio, one- and two-bedroom units ranging in size from 473 to 990 square feet, and with rents between $1,495 and $2,915 per month. Additionally, Kennedy Row features a rooftop terrace, on-site fitness center, pet cleaning station, bicycle storage and underground parking. According to HFF, the property is currently 94 percent occupied.
Photo credit: The JBG Cos.