HFF arranges joint venture equity and debt financing for 2144 California Street in Washington, D.C.
WASHINGTON, D.C. – Holliday Fenoglio Fowler, L.P. (HFF) announced today that 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.
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.
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.
About Federal City Property Investors LLC
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.
About CBD LLC
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. 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.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.