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| 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.
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| 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.
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| 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.
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| 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
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