Bisnow Scoop: Two Hot Multifamily Starts
Armed with fresh cash, two developers are breaking ground on projects in two of DC's hottest neighborhoods. And one has an address you'll no doubt recognize.
We'll get to that famous address in a bit, but first: Financier Ben Lazarus of MAC Realty Advisors tells us his firm has just scored $27.4M for Madison Investments for the acquisition and development of 1921 14th St below the U Street Corridor. (That's him bottom row left, with members of MAC Realty Advisors' team and Madison's.) The funds allow groundbreaking in June on a 56-unit apartment complex and 13k SF of retail, to deliver early '16. (U Street will still be cool by then, right? Right!)
The site, across the street from the nearly complete Louis at 14th apartments at 14th and U, now contains a parking lot and a few historic properties. (All parking lots are historic since finding a place to park on a busy day is always a great moment in history.) Madison will rehab the existing properties and construct a nine-story tower (to be called Elysium Fourteen). Ben and colleagues Andrew McAllister, Bruce Levin, and Caren Garfield led the financing efforts for MAC on behalf of Madison.
The MAC team also closed another financing package—at 1600 Pennsylvania Ave. But not that 1600 Penn—this one's actually in Southeast. Andrew, Bruce, and Ben recently locked up a private equity investment on behalf of Novo Development to jump start work on a 77-unit apartment complex, the last remaining development site before the Sousa Bridge in SE. Novo will get started within the next few weeks, Ben tells us.
