Done Deals: HFF announces $35 million financing for 99-unit condominium development in Washington, D.C.

Wednesday, December 26, 2018

HFF announces $35 million financing for 99-unit condominium development in Washington, D.C.

Rendering of planned Tribeca condominiums, 39-41 New York Avenue NE, NoMa submarket,
Washington, DC

Jamie Leachman

WASHINGTON, D.C. –– Holliday Fenoglio Fowler, L.P. (HFF) announces $35 million in financing for the development of Tribeca, a 99-unit condominium development in Washington, D.C.’s NoMa submarket.

The HFF team worked exclusively on behalf of a partnership between Urban Investment Partners and United NYA to secure the floating-rate construction loan through a specialty finance company.

Tribeca, located at 39-41 New York Avenue NE, is one block from the NoMa-Gallaudet University Metro station and immediately accessible to Interstate 395 and U.S. Route 50 via New York Avenue.

The 13-story project will consist of a mix of one- and two-bedroom homes as well as three penthouses.

Sue Carras

The for-sale residences will incorporate high-end design elements and will provide access to a complementary amenity package featuring rooftop co-working lounge space, a state-of-the-art fitness center and an expansive roof deck with designated green areas and sweeping views of the Capitol Building, the Capitol Hill neighborhood and the East End.

Chris Hew

The project is due for completion in late 2020.

The HFF debt placement team representing the borrower included Jamie Leachman, Chris Hew, Daniel McIntyre, Jay Graham and Sue Carras.

“This development takes advantage of NoMa’s live-work-play amenities and superior connectivity to the D.C. metro that will attract buyers to a market experiencing an undersupply of for-sale residential units due to its explosive growth over the past eight years,” Leachman said.

“This was reflected through the marketing process, which yielded multiple competitive bids. Ultimately, the winning lender provided the most compelling and flexible terms for the borrower with a seamless closing process in under 30 days.”

Daniel McIntyre

Urban Investment Partners (UIP) is a real estate investment firm, specializing in multifamily and mixed-use residential properties, primarily in the Washington, D.C. MSA.

The firm’s core activities include “heavy lift” value-add strategies that reposition assets and increase operating income dramatically.

By preserving historic, irreplaceable assets, upgrading building systems and finishes, UIP provides a differentiated rental product to a more discerning client/resident.

Since inception, UIP has invested more than $1 billion in the local real estate market, developing, acquiring, renovating, selling and owning more than 5,000 rental and condominium units.

Jay Graham

UIP’s current portfolio of more than 2,400 units in D.C. and Maryland is managed primarily by UIP Property Management, Inc. (Construction and renovations are performed by UIP General Contracting, Inc.