HFF arranges joint venture equity and debt financing for 2144 California Street in Washington, D.C.

2144 California Street, formerly The Envoy Apartments,
 Kalorama Heights Neighborhood
Washington, DC

WASHINGTON, D.C. – Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged joint venture equity and debt financing for the acquisition and redevelopment of 2144 California Street, formerly known as The Envoy Apartments, a nine-story, 113-unit apartment building in Washington, D.C.’s Kalorama Heights neighborhood.

Tracey Appelbaum

HFF worked on behalf of the developer, Federal City Property Investors LLC (Fed City), to arrange a joint venture equity partnership with CBD LLC (CBD), who contributed equity for the project. 

Additionally, HFF secured debt financing for the partnership through United Bank.

  Loan proceeds were used to acquire the asset and will also be used to create a comprehensive renovation/repositioning of the property.

2144 California Street, NW is located within Washington, D.C.’s affluent Kalorama Heights neighborhood, four blocks north of Dupont Circle and three blocks east of Massachusetts Avenue’s Embassy Row.  

The building offers 360-degree views of the city and consists of mainly one-bedroom units.  Originally built in 1958, the property will undergo an extensive renovation of both individual units and common areas.

Charles Berman

The HFF equity placement team representing Fed City was led by director Brenden Flood along with senior managing directors Alan Davis and Dave Nachison, associate director Bret Thompson and real estate analyst Tim Stanton. 

HFF’s debt placement team representing Fed City and CBD, LLC was led by director Daniel McIntyre.  Managing member Nicholas Demas headed the Fed City team and CBD was represented by principals Chuck Berman and Tracey Appelbaum.

Founded by Nicholas Demas, Fed City develops, acquires and operates quality apartment communities, office buildings, luxury hotels and triple net retail.  

Fed City focuses on urban core and value-add opportunities with a particular focus on major metropolitan areas of the U.S. and specific markets in Europe.  For more information, please visit www.fed-city.com.

Founded in 2013 by Chuck Berman and Tracey Appelbaum, CBD LLC is a privately held investment manager specializing in the development and acquisition of rental apartments and mixed-use developments in urban locations from Boston to Washington DC with a particular focus in New York City.

Brenden Flood

  Their investors include a range of family offices and high-net-worth individuals seeking direct institutional quality equity real estate exposure.  CBD LLC actively participates in its joint ventures as a limited partner or co-general partner. 

 Mr. Berman and Ms. Appelbaum have specialized in the revitalization of urban and high density suburban areas. 

 Both have decades of real estate investment, development, construction and management experience.  Mr. Berman was a Managing Principal and Vice Chairman at MacFarlane Partners urban investment group and Ms. Appelbaum was a Principal responsible for investment and development activities on the East Coast. 

 Prior to that, Mr. Berman was Founder and President of Avalon Properties (NYSE REIT), a publicly-traded real estate investment trust that, through a subsequent merger, became AvalonBay Communities, one of the largest residential REITs in the United States.  

Mr. Berman served as President and Ms. Appelbaum served as a Vice President at AvalonBay.

For a complete copy of the company’s news release, please contact:

Olivia Hennessey

Public Relations Coordinator

HFF | 9 Greenway Plaza Suite 700 | Houston, Texas 77046

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com