WASHINGTON, DC—Earlier this month 2144 California St., NW, traded for $26.8 million. A joint venture between Federal City Property Investors and CBD, LLC purchased the 113-unit property located in the Kalorama submarket. Public records show an affiliate of Rebecca L Scheibner Revocable Trust sold the property.
HFF has announced details about how the acquisition financing was arranged for the nine-story property, formerly known as The Envoy Apartments.
It arranged a joint venture with CBD LLC, which contributed the equity for the project. HFF also secured debt financing for the partnership through United Bank. Loan proceeds were used to acquire the asset and will also be used to create a comprehensive renovation/repositioning of the property.
Originally built in 1958, the property will undergo an extensive renovation. One highly-competitive feature of the property is its parking garage, which in Kalorama is very valuable to residents.
The HFF equity placement team representing Fed City was led by director Brenden Flood along with senior managing directors Alan Davis and Dave Nachison, associate director Bret Thompson and real estate analyst Tim Stanton.
HFF's debt placement team representing Fed City and CBD, LLC was led by director Daniel McIntyre. Managing member Nicholas Demas headed the Fed City team and CBD was represented by principals Chuck Berman and Tracey Appelbaum.
Robert Meehling and Yalda Ghamarian of the CBRE's Multifamily Investment Properties team, represented the seller in the sale with assistance from Bill Roohan, Mike Muldowney, Michael Rudolph, Brian Margerum, and Martha Hastings.
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