WASHINGTON, DC—Madison Investments has secured financing for the development of a vacant lot in Logan Circle into condos. The project follows another rare new building project in this submarket: Resmark and Streetscape JV to build a 71-unit condo project at 1011 M St., which broke ground in December 2014.
MAC Realty Advisors placed a $18.5 million senior construction loan for the development of 1427 Rhode Island Ave., NW, half a block East of 14th street and two blocks West of Logan Circle. The loan closed in early July 2015.
Separately, Grosvenor Americas provided $5.77 million to the project.
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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.
