WASHINGTON, DC–A forthcoming Class-A apartment and retaildevelopment at 1401 Pennsylvania Ave., SE is nowfully funded. The developers, CAS Riegler Cos. andMay Development, secured a $44.5 millionconstruction loan with EagleBank and $17 millionin preferred equity by EB5 Capital.Phillips Realty Capital arranged both componentsof the capital stack.
The 167-unit development will will be located only 50 feet fromthe Potomac Avenue three-line Metro Station and a 10-minute walkfrom Eastern Market and Barracks Row.
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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.
