Holliday Fenoglio Fowler, L.P. (HFF) announces $96 million in joint venture equity for the development of a 176-unit apartment building in northwest Washington, D.C.
The HFF team worked on behalf of the developer, EastBanc Inc., to arrange a joint venture partnership with Mitsui Fudosan America, Inc. Overall project costs will total approximately $110 million.
The property will be constructed on the former surface parking lot next to the Scottish Rite Center at 2800 16th Street NW. With groundbreaking expected in early 2019, the Grimshaw Partners-designed building will incorporate architectural elements that will blend with its surroundings, including the adjacent Scottish Rite Center and the Scottish Rite’s House of the Temple. Property features will include an open-air courtyard, resort-style rooftop pool, private resident dining rooms, fitness center and residents-only café.
The HFF team representing the developer included Walter Coker, Brian Crivella and Stephen Conley
About EastBanc Inc.
EastBanc, Inc. specializes in the acquisition, redevelopment and management of commercial real estate assets. The firm's long-term appreciation strategy emphasizes the creation of enterprise value in specific markets through targeted deployment of investor capital. The cornerstone of EastBanc's enterprise value strategy incorporates its unique ability to influence sizable portions of urban streetscape with significant capital upgrades and master-planned leasing. With an emphasis on urban mixed-use investment, EastBanc's developments include upscale retail, luxury residential, trophy office, and luxury hotel property types. For more information, visit:http://www.eastbanc.com/.
About Mitsui Fudosan America, Inc.
Mitsui Fudosan America, Inc. (MFA) is a real estate investment and development company headquartered in New York City and is the U.S. subsidiary of Mitsui Fudosan Co., Ltd. – Japan’s largest publicly traded real estate company. MFA’s history in the United States dates back to the early 1970’s. Since its inception, MFA has acquired and developed numerous office, multifamily and hospitality properties in major markets throughout the U.S. Today, MFA’s office portfolio includes 55 Hudson Yards, 527 Madison Avenue and 1251 Avenue of the Americas in Midtown Manhattan, the Homer Building and 1200 17th Street in Washington D.C., Waterfront Corporate Center III in Hoboken, New jJersey, and 270 Brannan in San Francisco. In addition to its significant portfolio of office buildings, MFA has substantially expanded its development of residential properties in the U.S., including 160 Madison Avenue and 525 West 52nd Street in New York City, 650 Indiana and 22 Texas in San Francisco, and 2nd & Pike in Seattle. Additionally, MFA owns and manages the renowned Halekulani Hotel in Waikiki, Hawaii. For more information, please visit http://www.mfamerica.com/.
About HFF
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.
