Joint venture equity for redevelopment of The Patterson House in Washington, D.C. arranged by HFF
WASHINGTON, D.C. – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged joint venture equity for the redevelopment of the Patterson House, a historic mansion in Washington, D.C. that will be renovated and expanded into 92 fully-furnished, luxury apartment units.
HFF worked on behalf of SB-Urban, whose principals are Frank Saul III and Mike Balaban, and its partner Rooney Properties, whose principals are Francis and Kathleen Rooney and Jim Lee, to procure joint venture equity through CBD LLC, led by principals Chuck Berman and Tracey Appelbaum.
Originally designed by renowned architect Stanford White in 1903, the Neoclassical-style property, located directly on Dupont Circle, will be converted into an urban suites concept, uniquely tailored by SB-Urban to serve a highly-mobile clientele seeking a full-service, highly-amenitized experience not available in the current marketplace. The project will include a full renovation of the mansion and the addition of an eight-story wing, all of which Hartman-Cox Architects designed with interiors by Darryl Carter Inc. The general contractor will be Manhattan Construction Company.
The Patterson House will feature shared living spaces in which SB-Urban will provide a visiting chef program, daily continental breakfast, study lounge/meeting space, special events kitchen, private wine storage and a large living room with staffed bar in the space that formerly served as the mansion’s ballroom. Services also will include a state-of-the-art fitness center, housekeeping and laundry service, concierge service and cultural/entertainment programs. The Patterson House offers a flexible residential option for urban professionals coming to live downtown to conduct business with the area’s law firms, embassies, political and financial institutions, and global companies.
“This unique project will provide renters a new choice for a luxury, full-service living experience in Washington, D.C.,” said Sue Carras, HFF senior managing director. “The urban suites concept provides a thoughtful emphasis on the quality of product and service that will clearly differentiate the Patterson House in the market, beyond its exceptional amenities.”
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.