WASHINGTON, DC-Altus Realty Partners has secured $39 million to acquire and redevelop an existing project in Glover Park. The project, located 2251 Wisconsin Ave., will renovate the existing 30,000 square foot retail building, currently occupied by Washington Sports Club and Glover Park Hardware. An 81-unit residential building with a two-level garage on the existing rear parking lot will also be developed at the site.
MAC Realty Advisors LLL arranged the financing for Altus, placing $11 million in equity and a $28 million limited recourse senior construction loan. Chesapeake Realty partners is the master developer and Ellisdale Construction is the general contractor.
MAC says it was able to procure multiple joint-venture prospects that were interested in the project. “This project proves the depth and breadth of interested capital sources for well-located, urban in-fill sites,” says Bruce Levin, executive director with MAC, in a prepared statement. “We sourced both passive and active equity sources interested in moving forward.”
Glover Park is an upscale neighborhood dotted with higher-end restaurants and bars and retail and nestled off of Wisconsin Ave. In particular, a nearby Whole Foods Market is expected to drive demand for retail and residential tenants at the project.