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Altus Secures $39M for Glover Park Project

WASHINGTON, DC-MAC Realty Advisors placed the equity for the acquisition and development of the project.

By Erika Morphy | Updated on January 15, 2013

WASHINGTON, DC-Altus Realty Partners has secured $39 million to acquire and redevelop an existing project in Glover Park. The project, located 2251 Wisconsin Ave., will renovate the existing 30,000 square foot retail building, currently occupied by Washington Sports Club and Glover Park Hardware. An 81-unit residential building with a two-level garage on the existing rear parking lot will also be developed at the site.

MAC Realty Advisors LLL arranged the financing for Altus, placing $11 million in equity and a $28 million limited recourse senior construction loan. Chesapeake Realty partners is the master developer and Ellisdale Construction is the general contractor.

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