Greysteel, a national commercial real estate investment services firm, has arranged $14.9 million in senior debt and preferred equity for the acquisition and construction of 1724 Kalorama Road, NW, a vacant commercial property located in the infill Adams Morgan neighborhood of Washington, D.C., on behalf of Bellevue LLC.
The financing includes a senior construction loan and preferred equity, which were provided by different investors. The two-year construction loan is nonrecourse in nature and features a fixed interest rate. This transaction was negotiated by Greysteel Senior Director, Brendan Scanlon, who is based in the Company’s Washington, D.C. office.
The vacant office building will undergo a two-story addition, and will be converted into a 48-unit multifamily property with four parking spaces. The property is located less than a block from a Harris Teeter market and approximately two blocks from the 18th Street retail corridor. 1724 Kalorama is situated within walking distance of the Columbia Heights, Woodley Park-Zoo, Dupont Circle, and U Street/African-American Civil War Memorial/Cardozo metro stations, served by the Green, Yellow, and Red lines.
About Greysteel:
Greysteel is a commercial real estate and capital markets services firm with seven offices located in Los Angeles, CA; Washington, D.C.; Baltimore, MD; Philadelphia, PA; Dallas, TX; Fort Worth, TX; and Norfolk, VA. Greysteel serves and advises private and institutional real estate investors and developers in the marketing, sale, and financing of private capital and middle-market real estate assets. www.greysteel.com
