A group of partners has acquired a 99-year ground lease from Howard University for a 1.9-acre parcel now occupied by parking lots at the university's DC campus.
Los Angeles-based Lowe, in partnership with DC-based firms FLGA and Davenport Group and in collaboration with USAA Real Estate, is planning to build a 525K SF residential building, including 27K SF of retail, on the property located at 2251 Sherman Ave. NW and 2047 9th St. NW.
JLL represented the partners in securing $45.1M in bridge financing from Eagle Bank for the land transaction.
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