WASHINGTON, D.C.— HFF has arranged $99.2 million in construction financing for Atlantic Plumbing, a 375-unit, Class A mixed-use project under development in the U Street/North Shaw submarket of Washington, D.C.
HFF worked on behalf of entities owned by The JBG Cos. and Walton Street Capital LLC to place the four-year loan, with extension options for an additional three years, with Capital One.
The development is situated at the intersection of 8th Street and V Street N.W., two blocks from the U Street metro station. Slated for completion in early 2015, the property will include 375 units and 23,785 square feet of ground-floor retail, as well as artist studios in two separate buildings.
Designed by New York architect Morris Adjmi, the project will feature one- and two-bedroom units averaging 716 square feet each. Community amenities include a state-of-the-art fitness center with yoga and spin area, lounge with bar and theater and electric car charging stations. Also, the rooftop of the property will feature gardens, a pool with panoramic city views, grilling stations and a movie screening area.
Sue Carras, Walter Coker and Brian Crivella led the HFF debt placement team in the transaction.
Headquartered in Chevy Chase, Md., The JBG Cos. is a private real estate investment firm that develops, owns and manages office, residential, hotel and retail properties. The company has more than $10 billion in assets under management and development in the Washington metropolitan area.
Walton Street Capital is a private equity real estate investment firm. Affiliates of Walton Street have received total equity commitments of $6.5 billion from public and corporate pension plans, foreign institutions, insurance companies and banks, endowments and foundations, trusts and high-net-worth individuals.