WASHINGTON D.C. – HFF announced it has arranged construction financing and joint venture equity for the development of 500 Madison, a core mixed-use development in Old Town, Alexandria, Virginia.
HFF worked on behalf of Alexandria Old Town North, LLC (“AOTN”) to secure joint venture equity through Principal Real Estate Investors for its Principal Green Property Fund and a construction loan from Wells Fargo Bank. AOTN was a venture comprised of The Pinkard Group, Buchanan Partners, Buvermo Properties and Theo Androus.
The 500 Madison site, located at the southeast corner of the intersection of Madison Street and North St. Asaph Street, represents the assemblage and re-zoning of five properties from four separate owners throughout the last several years.
Due for completion in 2014, the community will include the Kingsley, a 175-unit Class A apartment community, along with 52,000 square feet of street-level retail space that is 100 percent leased to Harris Teeter. The Kingsley will feature studio, one- and two-bedroom units with an average size of 794 square feet.
The debt, equity and multi-housing teams in HFF’s Washington, D.C. office represented AOTN.
For a complete copy of the company’s news release, please contact:
MYRA F. MOREN
HFF Director, Marketing
(713) 852-3500
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