Mack-Cali/Fisher Brothers JV Buys 377 Units in D.C.
- Jan 07, 2014
Edison, N.J.—A joint venture comprised of Mack-Cali Realty Corp. and Fisher Brothers has closed on a luxury multifamily project currently being constructed in Washington D.C.’s trendy H Street submarket. The partners each acquired a 50 percent interest in the 377-unit mixed-use project, which will include about 25,000 square feet of retail space and a 309-space underground parking garage.
Mack-Cali’s 50 percent interest in the project was purchased for $46.5 million, and the venture has 20-year in-place debt of $100.7 million. Initial leasing will start in the first quarter of 2015, with completion is set for mid-2015.
Additional terms in the Mack-Cali/Fisher Brothers joint venture include a ‘right of first offer’ on all development deals in the D.C. metro area that involve either party, with specific qualifications on any properties in Arlington County, Va.
Greenberg Traurig LLP represented Mack-Cali in the transaction, with Paul Hastings LLP providing representation for Fisher Brothers.
The joint venture aims to form a wholly owned property and asset management platform to handle branding, marketing, leasing and management for the property, and will utilize Mack-Cali’s Roseland subsidiary to run daily operations of the assets, which includes the leasing and management of the current D.C. project.
The new community is taking shape at 701 2nd Street NE in Washington D.C., close to restaurants, shopping and nightlife, and one block from Union Station.
Residences in the community will include hardwood flooring, two-toned custom European cabinetry, stone countertops, stainless steel appliances, and custom vanities and sinks with ceramic tile and modern fixtures. The community’s indoor amenity package is comprised of a fitness center with yoga and spin studios, a clubroom with gaming, demonstration kitchen, terrariums, and technology centers.
When it comes to fun in the sun, residents will have access to three rooftop decks, a 100-foot pool and hot tub, grilling stations, cabanas, a rooftop garden with an eco-pond, as well as a community garden with individual plots. Additional outdoor amenities include two landscaped gardens within courtyards and an outdoor projection screening area.
Hickok Cole Architects, Rockwell Group, COOKFOX, and Handel Architects have all had a hand in the project.