MAC ARRANGES TWO CONSTRUCTION LOANS TOTALING $50M
WASHINGTON, D.C. — MAC has arranged $50 million in construction financing for two urban-infill sites in Washington, D.C., that will fund the construction of 133 new multifamily units. Andrew McAllister, Bruce Levin and Ben Lazarus of MAC arranged one of the loans through a regional bank on behalf of an unnamed developer. The developer will acquire a site at 1600 Pennsylvania Ave. S.E. in Washington’s Capitol Hill neighborhood for a five-story, 77-unit property. Caren Garfield of MAC, along with McAllister, Levin and Lazarus, arranged the second loan on behalf of an unnamed developer based in Washington, D.C., through a regional bank. The developer will acquire an existing property at 1921 14th St. N.W. and construct a nine-story high-rise apartment building offering 56 units and 13,000 square feet of retail space. Construction of the second project will kick off in June and wrap up in early 2016.