WASHINGTON, DC—Urban Investment Partners has secured joint venture equity financing for a condo development in the NoMa submarket called The TRIBECA, which is under construction.
The transit-oriented, 13-story building will have 99 market-rate condominium units. The site is located at 39-41 New York Ave., just one block from the NoMa-Gallaudet University Metro station. The building is expected to deliver next year into what is a supply-constrained submarket.
Berkadia arranged the financing for the project via its new JV Equity and Structured Capital Group. The team, consisting of Noam Franklin, Chinmay Bhatt and Cody Kirkpatrick, leading Berkadia's new JV Equity & Structured Capital, secured the equity partner, a private capital group, for UIP while they were with Central Park Capital Partners which was sold to Berkadia in March 2019.
“Ground up condo projects in today's market are tough to get capitalized, but we were able to quickly find UIP a partner for this opportunity due to the developer's expertise in the DC area and lack of new supply in the emerging neighborhood of NoMa,” Franklin said in prepared remarks.
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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.
