WASHINGTON, DC—EB5 Capital is part of the construction finance package that has been arranged for Douglas Development Corp.'s spec building at 1000 F St., NW. The company has secured $53.5 million in construction finance; $44.5 million of that is a construction finance loan and $9 million is preferred equity from EB5 Capital, or the US Immigrant Investor Program as it is formally known.
NGKF Capital Markets secured the three-year construction loan with two one-year extension options through United Bank. The rate is 4% and the loan has an LTC ratio of 53%. Combined with the EB-5 preferred equity, the $53.5 million represents approximately 65% of the total costs.
Located at the corner of 10th and F streets, 1000 F Street will be an 11-story, 85, 442-square foot LEED certified building designed by architectural firm Shalom Baranes Associates. Its 7,204 square feet of retail has been pre-leased to American Eagle Outfitters.
NGKF's Joe Donato, Maury Zanoff, Matthew Williams and Jamie Leachman represented Douglas Development.
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