Preferred Investment in Mixed-Use Development – Washington D.C.
We are the lead investor in a premier mixed-use infill development project in the dynamic NoMa neighborhood of Washington D.C. The project consists of a 500-unit market rate apartment building with two wings connected by a rooftop skybridge, multiple amenity spaces, a 10,000 square foot gym, 39,900 square feet of prime urban retail, and 289 underground parking spaces. The development incudes a 235-key full-service Marriott Hotel. The Project is 80% debt financed and closed in December 2019.
We own a significant common equity position as well as $28m of the preferred equity in the project. Now that the critical pre-development phase has been completed, we are offering up to $10m of our preferred equity investment in the project to like-minded investors with interest in Washington DC real estate.
Our family has owned and developed more than 40 million square feet of real estate within and outside the US including office, residential, mixed-use, and student housing. We invest directly across different formats including common, preferred, mezzanine, and co-GP arrangements. We also invest in and operate health service and information businesses globally. First generation family entrepreneurs are actively managing investments and based in the Washington DC metro area.