(Read more on the debt and equitymarkets.)
WASHINGTON, DC-Buchanan Street Partners is investing $32.8million in equity for the acquisition of Hecht's warehousedistribution center in Downtown DC. Earlier this week,Patriot Equities revealed that it had closed on the landmarkmulti-building center from Macy's Inc. for an undisclosed price. Itplans to redevelop the 777,000-sf complex into a mixed-use projectcalled Patriot Yards that could either emphasis retail oroffice/flex and industrial use.
Buchanan acted as the joint venture equity partner and financialadvisor to Patriot Equities in the deal. Besides its equitycontribution, Buchanan is also negotiating $66.6 million of bridgefinancing.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
